Strategy Inc. used common-share sales to help buy more Bitcoin (BTC) in October, showing why its 848,517-coin treasury alone cannot establish each MSTR share’s exposure to the asset.
In an Oct. 19 filing, Strategy reported holding 848,517 BTC as of Oct. 18. It had spent $64.02 billion acquiring the coins, including fees and expenses, at an average cost of $75,446 each. Those are acquisition figures, not a valuation of the treasury at current prices.
From Oct. 12 to 18, Strategy sold 140,872 Class A common shares for $22 million in net proceeds. It used that money and $100,000 in USD Cash to buy 267 BTC for $22.1 million. The financing was detailed in earlier coverage of the share-funded purchase.
The purchase increased Strategy’s Bitcoin balance, while the stock sale increased its common share count. The transaction figures do not establish whether Bitcoin holdings per assumed diluted share rose.
An MSTR share is an ownership stake in Strategy, which also operates an enterprise analytics software business. It cannot be redeemed for a fixed number of coins. Debt and preferred stock have claims ahead of common equity, so the full treasury value does not belong solely to common shareholders.
The same filing recorded $193.1 million in buybacks of Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) during the week. Strategy maintains a dollar reserve intended to cover preferred dividends and interest on debt.
Strategy says its BTC Yield measure tracks changes in Bitcoin held per assumed diluted share. It does not measure shareholder income or MSTR’s stock return.
The treasury also affects Strategy’s earnings. For the quarter ended June 30, 2026, the company reported an $8.22 billion net loss and $122.4 million in revenue. Its operating loss included $8.32 billion in unrealized losses on digital assets, a charge that did not require the company to sell those assets.
