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Bitcoin treasury company Strategy funded its Bitcoin purchases and a larger STRC preferred-stock buyback with common-stock sales during Nov. 2-8, while recording no sales through its four preferred-stock at-the-market programs, according to its Nov. 9 filing.

The company raised $284 million in net proceeds by selling 2,051,348 MSTR common shares. It directed $188 million to STRC repurchases, $82 million to Bitcoin and $14 million to its USD Cash balance.

Common shareholders financed both more Bitcoin and fewer preferred shares outstanding. The repurchases can reduce future preferred-dividend requirements, while issuing MSTR increases the number of common shares. STRC's prospective return as a funding source had yet to produce disclosed sales during that week.

Where the MSTR money went

During Nov. 2-8, 2026, common-stock proceeds funded a larger STRC buyback than Bitcoin purchase.

STRC repurchases absorbed 66.3% of MSTR net proceeds; Bitcoin purchases used 28.9%.

Covers the disclosed November 2-8 ATM programs only. USD Cash allocation is a flow, not the closing cash balance. The graphic does not determine the transaction's net effect per common share.

Sources

Supporting facts

Method

Reported dollar amounts are USD millions. Derived shares of $283.8m: 188.3/283.8=66.3495%, 81.9/283.8=28.8584%, 13.6/283.8=4.7921%, rounded to one decimal. Ribbon thickness and mobile bars use these ratios. Share counts and BTC are reported, not derived.

Scope

STRC funding and the common-share tradeoff

CryptoSlate's Nov. 5 analysis described a possible reopening of STRC funding following its price recovery.

Strategy’s $100 STRC comeback could turn a cash drain into fresh Bitcoin buying power

An improved trading price and a completed capital raise are separate events. In its July 27 policy announcement, Strategy said it would not issue STRC below $100 per share and expected repurchases to taper as the security approached that level. Those policies were statements of intent that could change.

A price recovery can improve the conditions for selling new preferred shares. Cash reaches Strategy when it actually issues them. The latest filing records no STRC sales for Nov. 2-8, nor any sales in the STRF, STRK or STRD ATM rows.

Strategy acquired 1,036 BTC for $82 million during the week, at an average $79,012 per coin including fees and expenses.

The larger use of that capital was the repurchase of 1,887,464 STRC shares for $188 million.

Strategy makes record $205 million STRC buyback as Strive spends $511 million on Bitcoin

Strategy's issuer briefing explains that common equity sits behind debt and preferred stock, so removing preferred claims can strengthen the residual economics available to common shareholders.

Funding those purchases by issuing common stock increases the share count. Existing holders therefore share the remaining economics with more shares outstanding. Whether the combined transaction improves value per share depends on the issuance terms, repurchase price and use of proceeds.

This extends the capital-allocation tension described in CryptoSlate's Nov. 2 coverage of deployable cash pressure.

The reserve and cash balances serve different purposes

As of Nov. 8, Strategy held $4.77 billion in its USD Reserve and $146 million in USD Cash. The reserve is intended to support preferred-stock dividends and interest on outstanding debt. USD Cash serves broader treasury purposes, including buying Bitcoin, expanding the reserve and capital management.

Strategy’s deployable cash falls 45% as buybacks outpace Bitcoin purchases

Strategy used $21 million of the reserve to pay preferred dividends during Nov. 2-8. The $14 million allocated from MSTR proceeds went to USD Cash.

@saylor's Nov. 9 post summarized the company's position as 850,364 BTC and about $4.9 billion in USD assets. That broad dollar figure includes balances with distinct designated purposes; the filing separately identifies the cash available for broader treasury deployment.

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