STRATEGY BOUGHT 811 BITCOIN FOR $65.5 MILLION AND ITS OWN PREFERRED FOR $208.2 MILLION — $98.5 MILLION OF NEW STOCK WENT INTO THE CASH PAYING FOR THE BUYBACK — WITHOUT IT, USD CASH WAS $34.2 MILLION

Strategy’s 8-K, accepted at 8:00 AM ET on November 2, 2026, covers October 26 to November 1. It sold 1,178,552 shares of common stock through its at-the-market program for $164.0 million net. A footnote splits that money: $65.5 million “were used to fund bitcoin purchases” and $98.5 million “were allocated to USD Cash.” The bitcoin was 811 coins at about $80,846 each, taking holdings to 849,327.

The bigger check went elsewhere. Strategy paid $208.2 million out of USD Cash for 2,092,035 shares of STRC, its variable-rate preferred, about $99.52 a share. The math on that pile closes exactly: $242.4 million last week, minus $208.2 million, plus $98.5 million, is the $132.7 million it reports now. Without the new stock it would be $34.2 million. We wrote on October 26 that USD Cash covered about one more week, and that after that the money would come from new shares, the reserve or the bitcoin. It came from new shares.

Common holders pay for this, and they get something back. Share count rose 0.28% while bitcoin rose 0.096%, so bitcoin per basic share fell from about 200,947 sats to 200,579. In exchange, $209.2 million of preferred at its $100 stated value is gone. CEBE Tracker’s math, run at one bitcoin price for both weeks, moves senior claims from 22.86% to 22.75% and value per share after those claims from 155,015 sats to 154,956. That’s close to a wash. It isn’t more bitcoin per share.

The scale is what to watch. Weekly filings now show about $1.28 billion of STRC bought back since September 14, and none sold. There’s $748.6 million of room left in the preferred program, 5.6 times USD Cash, and STRC is still under $100. Michael Saylor’s post, as The Block reported it, said: “We found room for even more orange.” The buyback was 3.18 times the orange. At the time of this writing, bitcoin was $77,890.