Strategy has increased its holdings of Bitcoin by another 267 coins, bringing its total Bitcoin position to a record 848,517 coins; at the same time, the company repurchased $193 million worth of STRC preferred stocks and raised the upper limit for its digital credit securities repurchase authorization to $3 billion.

The key points are as follows:

• Strategy has added 267 more BTC, bringing its disclosed Bitcoin holdings to a record high of 848,517.
• Executive Chairman Michael Saylor also revealed that during the latest round of Bitcoin purchases, the company repurchased $193 million worth of STRC preferred stocks.
• The company has increased the authorization for the repurchase of digital credit securities from $2 billion to $3 billion.
• Strategy reports that as of October 18, the company held approximately $5.3 billion in assets, which is lower than the $5.5 billion disclosed a week earlier.
• Saylor has updated its credit assumptions, including a Bitcoin reference price of $81,468 and an annualized volatility of 40%.

According to the announcement by Executive Chairman Michael Saylor on October 19th, as of October 18th, the company held assets amounting to approximately 5.3 billion US dollars.

Following the latest disclosure on the weekend, which hinted that another Bitcoin purchase was imminent (following Saylor), the company continued its usual practice of announcing changes to its fund pool at the beginning of each week. This indicates that Strategy is simultaneously allocating capital to both increasing its Bitcoin holdings and repurchasing preferred securities.

This new Bitcoin purchase is smaller than several acquisitions earlier this year, which amounted to Strategy, but it has still pushed the company's disclosed holdings to a new high. A larger financial transaction involving STRC has become an important part of Strategy's capital management activities.

The Bitcoin holdings of Strategy have set a new record.

Strategy recently purchased an additional 267 BTC, increasing its holdings from 848,250 on October 11 to 848,517 on October 18. The disclosed increase is consistent with the number of bitcoins Saylor claimed to have purchased during the most recent reporting period.

Based on the latest disclosed holdings and the fixed cap of 21 million Bitcoin, the company currently holds approximately 4.04% of the maximum supply of Bitcoin. Since mining rewards will continue to be released in the future, this cap will not be reached until then.

The last weekly Bitcoin purchase occurred from October 5 to October 11, during which the company bought 250 BTC for $21.5 million. On October 12, the company's disclosure showed that the average purchase price per coin, including fees and expenses, was $86,194.

In that earlier purchase, approximately $21 million was raised by selling MSTR common shares, with an additional $500,000 coming from existing cash on hand. The company disclosed that the cumulative cost of purchasing Bitcoin amounted to about $64 billion, resulting in an average cost of $75,444 per coin.

The statement on October 19th, Saylor, did not specify the transaction price for the newly purchased 267 BTC, nor did it mention the source of funds. Due to the lack of the latest transaction details, it is impossible to accurately calculate the new cumulative purchase cost and average purchase price.

Before the announcement on Monday, crypto.news reported hints about Saylor over the weekend, at which time the company's most recent confirmed balance was 848,250 BTC. A subsequent statement he issued confirmed the number of additional Bitcoins added during the next reporting period.

As the company buys, sells, and reconfigures assets through the treasury operations, the Bitcoin holdings of Strategy have been constantly changing. The latest disclosure confirmed the updated balance, but did not specify in which wallets the newly purchased Bitcoins are stored.

STRC Repurchase total increases by another $193 million

While purchasing Bitcoin, Saylor indicates that Strategy has repurchased approximately $193 million of variable-rate Series A perpetual Stretch preferred stocks, namely the preferred stocks with the code STRC.

Following the disclosure on October 12 of a $192.4 million STRC repurchase, during which the company repurchased 1,932,145 preferred shares, the total repurchase amount disclosed in these two weekly announcements amounts to approximately $385.4 million Strategy.

These figures cover two different reporting periods and should not be construed as the total expenditures of the company on STRC since the initiation of this plan. Prior to Strategy, preferred shares had already been repurchased under the same capital management framework.

STRC is a type of perpetual preferred security with a par value of $100 per share, and its dividend yield is variable. The market price of this security may be lower than its par value, which gives Strategy the opportunity to repurchase outstanding shares at a discount.

According to its STRC repurchase policy from July, the company stated that the repurchase of discounted shares may reduce future preferred stock dividend obligations. Management noted that the repurchase will depend on the transaction price, available liquidity, and the capital required to fulfill other obligations.

This strategy is different from buying Bitcoin, as the STRC repurchase will reduce the number of preferred shares in circulation. Buying Bitcoin adds assets to the company's treasury, whereas the repurchase of preferred shares will affect the Strategy financing structure and future distribution obligations.

An analysis in October regarding treasury repurchases examined how Bitcoin treasury companies allocate funds between their cryptocurrency holdings and their own securities. The latest announcement from Strategy continues this pattern, with the amount disclosed for preferred stock repurchases being significantly higher than the separately disclosed quantity of Bitcoin purchases.

The statement on October 19 did not provide the number of STRC shares that were repurchased, nor the average purchase price. Therefore, without additional transaction records, the figure of $193 million cannot be used to determine how many shares were repurchased.

Strategy Increases the digital credit repurchase limit to $3 billion

Saylor also announced that Strategy has increased the scale of its digital securities repurchase program from $2 billion to $3 billion.

This announcement means that the authorized amount for the program has increased by $1 billion, representing a 50% increase from the previous limit. This does not imply that the company has already completed a $3 billion repurchase, nor does it mean that the company will immediately utilize the full amount.

The digital credit securities of Strategy include various types of preferred stocks, such as STRC, STRF, STRK, and STRD. The distribution terms for each type of security are different, providing investors with different forms of exposure to the company's financing structure.

In June, the company launched its initial digital credit repurchase framework, which was accompanied by policies related to US dollar reserves, preferred stock dividends, and potential Bitcoin sales. The board of directors' capital management framework allows Strategy to repurchase eligible securities through market purchases, negotiated transactions, and other permitted methods.

Under this framework, the company stated that a discounted repurchase can reduce the dividend requirements for preferred stock. This authorization does not impose an obligation to purchase a fixed amount of securities, and management can still decide on the timing and quantity of the transaction at their discretion.

Prior to the latest announcement, Strategy had already expanded this program, raising the previous authorization to $2 billion. The statement on October 19 by Saylor increased the total nominal size of the program to $3 billion; however, the remaining unused quota is still subject to the latest company documents.

The sources of funds listed by the company for repurchases include available cash, sale of stocks, and in some cases, the sale of Bitcoin. The actual funding arrangement for the latest $193 million in repurchases is not mentioned in the message from Saylor.

US dollar assets decline, Strategy adjusts the fund pool

Strategy reports that as of October 18, the company held approximately $5.3 billion in assets, compared to about $5.5 billion a week earlier.

Earlier disclosures on October 12 indicated that these holdings were split into $4.88 billion in US dollar reserves and $640.5 million in other US dollar cash. In total, it amounts to approximately $5.52 billion.

The new figure of $5.3 billion is approximately $220.5 million less than the previously unrounded balance. Since Saylor provides the latest rounded amount, it is not possible to accurately determine the extent of the change without a complete update to the balance sheet.

US dollar reserves are used to support the dividend payments and interest obligations of preferred stocks, while the remaining cash can be used for other purposes within the treasury. It is important to distinguish between the two, as the company has restrictions on using designated reserves for the repurchase of preferred stocks.

Documents dated October 12th, as indicated by Strategy, show that the company could fund Bitcoin purchases by selling common stocks and using existing cash. The announcement on October 19th did not clarify whether the decline in dollar assets was entirely due to STRC repurchases, Bitcoin purchases, or other transactions.

The most recently disclosed balance of US dollar assets is still considerable, but it is lower than last week's level. Strategy has not yet provided a breakdown of the verified reserves and unencumbered cash as of October 18th.

Saylor Update to the Bitcoin credit assumptions of STRC

In another post on October 19th, Saylor published updated data for the internal credit framework of Strategy.

He reported that the duration for the US dollar is 3.4 years, and the STRC Bitcoin credit indicator is 53 basis points. The assumptions used include an annualized Bitcoin appreciation rate of 10%, a Bitcoin volatility of 40%, and a reference price of $81,468.

These data come from the proprietary credit calculations of Strategy and should not be confused with the assessments of independent rating agencies. The company's credit indicator documents clearly state that the credit measurements related to Bitcoin are for illustrative purposes only and do not represent traditional credit ratings.

The assumption of Saylor is based on modeled annual returns and volatility, rather than any guarantee of Bitcoin's future performance. Changing the reference price or market assumptions will lead to different results within this framework.

A week ago, the duration of the US dollar as reported by Strategy was 3.5 years, and the Bitcoin credit indicator for STRC was 52 basis points, with a reference Bitcoin price of $82,252. The latest duration is 0.1 year lower than before, while the credit indicator has increased by 1 basis point.

The company plans to release its financial report for the third quarter of 2026 after the U.S. financial markets close on October 29th. A video presentation of its financial report announcement, which was made on October 8th, has been scheduled for 5 p.m. Eastern Time on the same day.