[REVISION HISTORY]

Strategy Inc. expands Bitcoin treasury and capital strategy

Updated 28 times since CLSTR started tracking revisions of this situation.

What changed

2026-10-19 13:32 UTC → 2026-10-25 22:04 UTC · added ~~removed~~

Strategy Inc. continues to expand its Bitcoin treasury, reaching a total of 848,250 BTC. Following a ten-week hiatus during which the company focused on strengthening its balance sheet and reducing net debt to zero, Strategy resumed accumulation in late August 2026 by purchasing 4,603 BTC for approximately $369.7 million. This resumption was funded via an at-the-market equity offering program. CEO Phong Le has defended the company’s recent trading activity, including the sale of approximately 7,000 BTC at prices between $60,000 and $65,000, characterizing it as a ‘two-way strategy’ to manage capital costs and fund preferred stock dividends rather than market timing. To support its capital structure, Strategy has aggressively repurchased its STRC preferred shares, recently increasing its repurchase authorization from $1 billion to $3 billion. The company is also proposing a shift to daily dividend payments for STRC holders. ~~This activity reinforces~~ In September 2026, the company briefly paused Bitcoin acquisitions to focus on share repurchases, spending $139 million on STRC buybacks. However, accumulation resumed later in the month with the purchase of 1,665 BTC, bringing holdings to 847,666 BTC. By October, Strategy’s holdings reached 848,250 BTC. The company remains a dominant force in a 2026 trend where corporate entities ~~serve as the primary drivers of~~ drive Bitcoin accumulation. Alongside Strategy, Strive has significantly expanded its holdings, reaching 36,818 BTC through various financing strategies, including preferred-stock offerings. Other notable market activity includes Bitmine Immersion Technologies advancing its Ethereum accumulation, now holding 6.03 million ETH, representing roughly 4.9% accumulation; Strategy alone accounts for over 91% of corporate purchases, totaling roughly 175,000 BTC for the ~~total supply.~~ year. Analysts have noted that while using perpetual preferred shares attracts yield-focused investors, the recurring dividends create financial pressure by limiting capital available for further cryptocurrency purchases.

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