MicroStrategy Pauses Bitcoin Purchases, Buys Back $204.9 Million in Preferred Stock

MicroStrategy (MSTR) paused its bitcoin acquisition strategy last week, instead allocating capital to repurchase $204.9 million of its preferred stock, according to a recent company statement. The move marks a short-term shift in capital deployment for the enterprise software firm known for its substantial cryptocurrency holdings.

Share Repurchase Details

During the week of October 19 to October 25, 2026, MicroStrategy repurchased 2,068,459 shares of its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC). The company stated the aggregate purchase price was $204.9 million and was funded using its USD Cash reserves.

Following the transaction, MicroStrategy reported it has $956.8 million remaining under its digital credit securities repurchase program. A separate program for its MSTR common stock still has $1.0 billion in available authorization, according to the statement.

Bitcoin Treasury Remains Static

The company confirmed it made no purchases or sales of bitcoin during the same period, holding its digital asset treasury steady. As of October 25, 2026, MicroStrategy's holdings remain at approximately 848,517 bitcoin.

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These assets were acquired at a total cost of $64.02 billion, which translates to an average purchase price of approximately $75,446 per bitcoin, inclusive of fees and expenses. The pause in buying is a notable, if temporary, change for a company that has consistently added to its crypto position.

Cash Position and Strategy

The statement also provided an update on the company's liquidity. As of the same date, MicroStrategy held a USD Reserve of $4.83 billion and a separate USD Cash balance of $242.4 million.

MicroStrategy specified that the larger USD Reserve is intended to support dividend payments on preferred stock and interest on outstanding debt. The USD Cash balance is maintained for broader capital management purposes, which the company noted could include future bitcoin acquisitions.