Strategy, formerly known as MicroStrategy, recorded its smallest positive Bitcoin purchase of 2026 while its preferred-share repurchase program reached $1.45 billion in total spending. According to an SEC filing dated Oct. 5, the company acquired 334 Bitcoin for $28.7 million between Oct. 1 and Oct. 4, at an average price of $85,838.80 per coin. This brought its total Bitcoin holdings to 848,000 BTC. The transaction occurred below the company’s prior yearly low of 520 BTC purchased in June. Bitcoin’s 43% price increase during the third quarter lifted the fair-value carrying amount of Strategy’s digital assets to $70.82 billion as of Sept. 30, up from an estimated $50 billion in prior quarters. The company reported a $20.91 billion unrealized gain on its Bitcoin holdings for the quarter, though this reflects valuation changes rather than realized profits. Strategy’s total Bitcoin acquisition cost remains near $63.97 billion. Chaitanya Jain, head of investor relations, noted that each $1,000 rise in Bitcoin’s price during the quarter added approximately $848 million to the company’s fair-market value. Despite the rally, capital deployed for new Bitcoin purchases was limited. The company sold 92,894 MSTR shares for $15.7 million and used $13 million in cash to fund the latest acquisition. Concurrently, Strategy continued allocating significantly more capital to its variable-rate perpetual preferred stock, STRC. Between Sept. 28 and Oct. 4, it repurchased approximately 1.77 million STRC shares for $176.3 million, a spending rate more than six times higher than that for Bitcoin. Total preferred-share buybacks under the company’s authorization now approach $1.45 billion, with $547.2 million remaining under a $2 billion program expanded in September. STRC shares have traded below their $100 stated value for nearly 100 consecutive sessions, though they recovered sharply from summer lows and briefly reached $100 in mid-May. Strategy’s investor materials state a long-term objective for STRC to trade between $99 and $100. To support this, the company has raised STRC’s annual dividend rate to 12%, shifted dividend payments from monthly to semi-monthly, and proposed converting to daily dividend accrual. A definitive proxy filing on Oct. 28 seeks shareholder approval for daily dividend accrual across its four U.S.-listed preferred securities, including STRC. Under the proposal, dividends would accrue every calendar day and be paid on the next business day, without increasing the annual rate. Strategy argues this change could reduce price volatility, improve liquidity, and attract greater demand. The company views the adjustment as part of a broader effort to stabilize STRC’s market structure and make preferred-equity financing more efficient for future Bitcoin purchases. Shareholders of record as of Sept. 25 will vote on the amendment on Oct. 28. If approved, daily accrual would begin Nov. 1, with the first payment due Nov. 2. The outcome could influence how much capital Strategy needs to deploy to maintain STRC’s price near $100, potentially freeing resources for additional Bitcoin accumulation. Failure to achieve sustained price stability might force the company to rely more on cash for buybacks, accept a persistent discount on STRC, or restructure the security’s economics. Any such path would affect the efficiency of Strategy’s broader Bitcoin financing strategy.