STRATEGY SPENT $176.3 MILLION BUYING BACK STRC AND $28.7 MILLION ON BITCOIN — ITS DOLLAR PILE FELL FROM $6.02 BILLION TO $5.71 BILLION — Q3 BOOKS A $20.91 BILLION UNAUDITED GAIN

Strategy filed its weekly 8-K on October 5, 2026. From September 28 through October 4 it bought 334 bitcoin for $28.7 million and bought back $176.3 million of STRC. That is about six dollars on its own preferred stock for every dollar on bitcoin. It now holds 848,000 BTC.

The bitcoin was paid for with $15.7 million from MSTR share sales and $13.0 million of USD Cash. The STRC buybacks came from $154.1 million of USD Cash and $22.2 million of interest earned, at average prices of $99.31 and $99.51 a share, both under the $100 par. Separately, $142.5 million of the USD Reserve went to preferred dividends and interest on debt.

Add it up. USD assets were $6.02 billion on September 27. On October 4 they were $5.71 billion: $4.88 billion of reserve and $833.4 million of cash. About $300 million left the dollar pile in a week, and $13.0 million of it bought bitcoin. By our math, using CEBE's method at the same bitcoin price, net senior claims went from 20.77% of the bitcoin on September 27 to 20.94% on October 4, and the bitcoin behind each share slipped from 159,183 sats to 158,864. CEBE's own feed has not caught up to this filing yet.

The same filing estimates a $20.91 billion gain on digital assets for the third quarter, unaudited, with $1.88 billion of deferred tax. The gain came from the coins. The dollars went to the preferred. At the time of this writing, bitcoin was $86,101.