Strategy, the software company turned Bitcoin treasury vehicle formerly known as MicroStrategy, saw its shares close lower on Monday after disclosing its smallest Bitcoin acquisition of 2026. The stock gave back an early advance as Bitcoin pulled back from an intraday high of $84,227 to trade around $82,788.
The company added 250 BTC between October 5 and October 11 at an average price of $86,194 per coin, according to a filing with the US Securities and Exchange Commission. The purchase was worth roughly $21.5 million. It ranks as Strategy's 14th-smallest buy since it began accumulating Bitcoin as a treasury reserve asset.
Holdings and cost basis
With the latest addition, Strategy's total position stands at 848,250 BTC, acquired at an average cost of $75,444 per coin. The company said its holdings have cost approximately $64 billion, inclusive of fees and expenses. At prevailing prices, the stack was valued at about $70.6 billion, implying paper gains of roughly $6.6 billion.
The position represents more than 4% of Bitcoin's capped supply of 21 million coins. Notably, the latest purchase price of $86,194 sits above the roughly $82,788 level at which Bitcoin was changing hands at the time of writing, leaving the most recent tranche underwater on a mark-to-market basis.
How the purchase was funded
Strategy financed the acquisition through a combination of Class A common stock sales and existing cash reserves. During the week, the company sold 125,183 MSTR shares for approximately $21 million and applied those proceeds, alongside funds from its USD Cash reserves, to the Bitcoin purchase.
Separately, Strategy repurchased 1,932,145 STRC preferred shares for about $192.4 million under its digital credit securities repurchase programme. As of October 11, the company reported $4.88 billion in its USD Reserve and $640.5 million in USD Cash. Roughly $354.8 million remained available under the digital credit securities repurchase programme, while about $1 billion was left under the MSTR stock buyback programme. A further $18.8 billion of MSTR shares remained available for issuance and sale under its at-the-market offering.
Analyst view
TD Cowen lifted its Bitcoin price forecasts on Thursday but kept its $260 price target on Strategy, implying roughly 70% upside from current levels. The brokerage cautioned that dilution and the company's financial obligations would likely cap the potential gains for shareholders. TD Cowen's analysts project Bitcoin near $109,000 by year-end and $280,000 by 2029.
The disclosure underscores how Strategy's capital structure and equity are increasingly tethered to Bitcoin's market value. Each incremental purchase, funding decision and buyback now feeds directly into the company's balance sheet and share count, making the stock a leveraged proxy for the cryptocurrency.
This article is for informational purposes only and does not constitute financial advice.
