Strategy Inc bought bitcoin again. The November 2, 2026 Form 8-K covering October 26 through November 1 shows 811 BTC purchased for $65.5 million at an average of $80,846, inclusive of fees. In the same window the company spent $208.2 million buying back 2,092,035 shares of its variable-rate STRC preferred. The stack grew. The larger check still went to preferred.
That is an update from the last print. The October 26 8-K covering the prior week showed zero bitcoin and a $204.9 million STRC repurchase. Buys resumed. The dollar ranking did not flip.
CoinGecko, via the up&down snapshot fetched at 2026-11-04T04:04:25+00:00, put Bitcoin at $76,417. Coinbase BTC-USD stats pulled with that desk check showed a last of $76,837.06, a 24-hour high of $77,981.38, and a low of $75,600.64. Strategy’s average purchase sits above that tape. The 8-K is not a live quote. It is a settled week.
What happened
The current report is accession 0001193125-26-442707, dated November 2, 2026, accepted that morning, and signed by Thomas C. Chow. Item 8.01 is the operating table. Item 7.01 points readers to the company dashboard. We treat the 8.01 numbers as the filing.
On the at-the-market (ATM) side, Strategy sold 1,178,552 shares of Class A common (MSTR) for $164.0 million in net proceeds. Footnote 4 splits that pile: $65.5 million funded bitcoin purchases and $98.5 million went to USD Cash. Preferred ATM lines for STRF, STRC, STRK, and STRD all printed dashes: no shares sold, no notional, no net proceeds in the window.
Capacity left on those programs as of November 1, 2026, remains large: STRF $1,619.3 million, STRC $17,510.8 million, STRK $2,100.0 million, STRD $4,014.8 million, and MSTR $18,621.4 million. An ATM that is still open is not the same thing as an ATM that printed. This week the common line printed. The preferred sale lines did not.
On bitcoin, the table is short. 811 coins. Aggregate purchase price $65.5 million. Average $80,846. Holdings as of November 1: 849,327 BTC, with an aggregate purchase price of $64.08 billion and a lifetime average of $75,451. Footnote 1 says the coins were bought with net proceeds from MSTR stock sales. That matches the ATM split.
On the repurchase side, STRC is the only line with a number. 2,092,035 shares for $208.2 million. STRF, STRK, STRD, and MSTR common all show zeros for the window. Remaining capacity: $748.6 million under the digital-credit securities repurchase program and $1.0 billion under the MSTR common repurchase program.
USD boxes moved too. Strategy used $43.4 million of the USD Reserve to pay preferred dividends, and $208.2 million of USD Cash to fund the STRC buyback. As of November 1 the USD Reserve was $4.79 billion and USD Cash was $132.7 million. USD Cash is the sleeve the filing says can buy bitcoin, refill the reserve, or handle other treasury uses. This week a slice of ATM cash went into coins. A larger slice of USD Cash went into STRC.
Context
Read this against the prior 8-K, accession 0001193125-26-431146, covering the stretch that ended October 26. That print was explicit: no bitcoin purchased, STRC takeout about $204.9 million, stack then listed at 848,517 BTC. Add 811 and you are in the neighborhood of 849,328. The new table shows 849,327. We do not invent the missing coin. We cite the new total as filed.
The purchase average of $80,846 also sits above where spot trades today. That is not a mystery if you remember the calendar. The Federal Open Market Committee statement dated October 28, 2026 held the federal funds target at 3-3/4 to 4 percent on a 10-2 vote, with Lisa D. Cook and Beth M. Hammack dissenting in favor of a 25 basis-point hike. Bitcoin did not get a clean break above $80,000 on the Coinbase 24-hour stats we pulled this morning. The high was $77,981.38. Strategy’s fill is a week-average from a window that included the days around that meeting, not this hour’s print.
For a Bitcoin history reader, 811 coins is a real add and a small one. It is not the multi-thousand weekly clips that used to dominate these 8-Ks. It is also not another zero. The company still has tens of billions of unused ATM capacity. Unused capacity is optionality. It is not a purchase.
Liquidity around the Coinbase top of book at the same desk check was thin at the inside: the best bid showed about 0.082 BTC near $76,873. That is a snapshot of market depth, not Strategy’s execution venue. It is a reminder that a $65.5 million buy has to be worked. The 8-K reports the result, not the path.
If you want a cleaner map of how we timestamp these tapes, the desk’s guide to reading a crypto market snapshot is the method. Prices in this piece come from that snapshot plus Coinbase’s published 24-hour stats. Holdings come from EDGAR.
More Bitcoin news will keep arriving in this format: a Monday-morning 8-K, a BTC table, an ATM table, a preferred table. The mistake is to read any one line in isolation. The ranking of the dollar columns is the tell.
Our read
I am updating the October 27 view, not throwing it out. That week the checkbook was STRC-only. This week Strategy bought bitcoin again, and it still spent more than three dollars on STRC for every dollar it spent on coins ($208.2 million versus $65.5 million). Preferred-first remains the operating picture. Equity ATM funded the coins. USD Cash funded the STRC takeout. The reserve paid coupons.
Do not call 811 BTC a restart of the old megaprint. Do not call it a dump. The stack is 849,327. The company used common ATM proceeds to add, and it used a larger cash sleeve to support STRC. Those can both be true in one filing. They are, this week.
Falsifiable claim: when Strategy files its next Form 8-K covering any period that begins on or after November 2, 2026, bitcoin-purchase dollars in that window will remain below preferred-stock repurchase dollars in the same window. If the next print shows bitcoin-purchase dollars greater than preferred repurchase dollars, this ranking is wrong.
What to watch next
First, the next weekly 8-K. Watch the BTC purchased line against the STRC aggregate purchase price. The claim above lives or dies on that pair of numbers, not on the press-release tone around them.
Second, USD Cash. It ended November 1 at $132.7 million after a $208.2 million STRC spend and a $98.5 million ATM contribution. If that sleeve keeps shrinking while STRC buybacks stay in the $200 million zone, either ATM common has to refill it or the buyback pace has to cool. The filing still shows $4.79 billion in the USD Reserve. That pile is labeled for dividends and interest, not for discretionary coin adds.
Third, spot versus the $80,846 average. If Coinbase’s 24-hour high cannot reclaim $80,000 before the next 8-K, this week’s fills will look expensive against the live tape even if they were ordinary against the late-October range. That would not, by itself, falsify the ranking claim. It would tell you the company is still willing to lift coins above the current print when ATM common is open.
Fourth, unused ATM. Eighteen billion dollars of leftover MSTR capacity is a lot of dry powder on paper. Paper is not a fill. Until preferred ATM lines print again, or until a week shows a four-digit BTC add, treat those headings as inventory, not as a bid.
Sources: the November 2 Form 8-K (mstr-20261102.htm), the prior October 26 Form 8-K (mstr-20261026.htm), the October 28 FOMC statement, Coinbase BTC-USD 24-hour stats, and the CoinGecko snapshot timestamped above.