Strategy prioritized buying back $888 million of its preferred stock over purchasing $291 million in Bitcoin from mid-September to mid-October, causing its cash reserves to fall from $1.3 billion to $447 million. Meanwhile, large Bitcoin whales accumulated nearly 89,000 BTC, far outpacing Strategy's 3,466 BTC purchases, signaling stronger demand from other investors. Strategy's ability to increase Bitcoin purchases depends on its preferred-stock financing and cash liquidity, which are currently strained. Despite this, Strategy's equity (MSTR) outperformed Bitcoin recently, reflecting investor interest in its leveraged exposure, but its preferred stock (STRC) remained near par, limiting price gains.
Strategy's $888 million preferred stock buybacks highlight its recent capital allocation choices. For readers following cryptocurrency markets, here is Pluang's market snapshot as of Oct 22, 2026 17:31 WIB: out of 50 major cryptocurrencies, 4 rose and 45 fell. Notable movers include SAND at Rp983 with a 5.56% decline and 81% sell order activity, BAT at Rp3.122 down 5.09% with 57% sell orders, and FIL at Rp18.014 down 4.27% with 17% sell orders.
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