Strategy sells more stock to buy more bitcoin, repurchase more Stretch preferred

Michael Saylor's Strategy MSTR sold 2.05M more shares of newly issued common stock for proceeds of $283.8M to buy more bitcoin, repurchase more of its Stretch preferred shares STRC, and bolster its U.S. dollar cash account in the past week, the company disclosed Monday.

Strategy MSTR stock slid 3.3% in premarket trading.

The company purchased 1,036 bitcoins BTCUSD at an average price of $79,012 per token, for a total of $81.9M, and repurchased ~1.89M of its variable rate series A perpetual Stretch preferred stock STRC in the week ended Nov. 8, 2026.

Some $13.6M of the common stock sale proceeds went into Strategy's USD cash fund.

The company's U.S. dollar reserve is used to pay dividends on its preferred stock and interest on its outstanding debt, while the cash account is used for broader general bitcoin treasury purposes, including acquiring bitcoin, expanding the USD reserve, and broader capital management purposes.

In June, the company adopted a digital credit capital framework that included the authorization to buy back up to $1B of Stretch preferred shares STRC days after the security's value sank.

The move stabilized the price of the STRC shares, which recently are down less than 0.1% over the past year. Strategy's stock, though, has tumbled 46% during the same period.