Strategy (NASDAQ: MSTR) did not buy any Bitcoin during the week between October 19 and 25, according to its October 26 filing with the US Securities and Exchange Commission (SEC).Instead, 100% of the money spent by the firm, led by founder and executive chairman Michael Saylor, last week went to buying back $204.9 million of its STRC preferred shares.With the firm skipping on buying Bitcoin for the second time this month, Strategy’s Bitcoin stack remains unchanged at 848,517 BTC. It did not sell any stock through its at-the-market program, either.$205 million on STRC, nothing on BTCAccording to Strategy’s SEC filing, the firm repurchased 2,068,459 shares of the Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) for $204.9 million. Saylor summarized the transaction as “$205M of $STRC” in his early morning X post on October 26.The firm’s Bitcoin reserve, on the other hand, remained unchanged at 848,517 BTC. The firm’s dollar-per-Bitcoin basis remains at $75,446 for a $64.02 billion total on the stack.Last week’s preferred stock-to-Bitcoin purchase ratio extends a pattern that has held through the month. During the October 12 to 18 week, Strategy spent $193.1 million buying back STRC compared to $22.1 million for 267 BTC. It was $192.4 million on STRC to $21.5 million on BTC the week before, as Cryptopolitan reported at the time.Strategy capital deployment, Sep 28 – Oct 25, 2026. Source: SEC 8-K filingsWhy is Strategy buying its own shares?Strategy’s president Phong Le has explained the logic behind Strategy’s STRC repurchases before.“At prices below $100 per share, STRC repurchases represent an attractive allocation of capital because they can reduce future preferred dividend requirements at a discount.”Each share bought back below face value is a share the company no longer pays dividends on. Strategy’s board doubled the digital credit securities repurchase program to $2 billion in September, then raised it again to $3 billion on October 19.The latest STRC buyback round leaves $956.8 million of the approved allocation to be deployed. It has not had to dip into the separate $1 billion program for MSTR common stock its board approved.Strategy funded the buyback entirely from the USD Cash bucket it keeps specifically for general purposes, including buying Bitcoin. That account now holds $242.4 million, down from $640.5 million two weeks before.The USD Reserve, a separate bucket earmarked for preferred dividends and debt interest, still holds $4.83 billion. Together, the two “USD Assets” pools come to roughly $5.1 billion.In a second post, Saylor pegged the company’s USD duration at 3.4 years and STRC’s Bitcoin credit at 54 basis points, based on assumptions of 10% annual Bitcoin returns, 40% volatility and an $81,200 Bitcoin price.Big decisions are ahead for StrategyMSTR common stockholders are set to vote on October 28 on switching STRC and Strategy’s other preferreds to daily dividends. If it passes, the first daily record date would fall on November 1 and the first payment on November 2, with the annual rate unchanged, per the company’s investor materials.Another decision that could affect the firm is outside its control, with MSCI set to release a November 11 list confirming the firms unaffected by new rules that could strip Strategy and other digital-asset treasury firms from its indexes.Saylor and Le have criticized the “discriminatory” approach even though Strategy argued in a September letter that exclusion “would have no meaningful impact on Strategy’s business.”Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free.