Strategy Buys 811 Bitcoin for $65.5M While Spending $208M on Preferred Share Buybacks as Binance Hack Roils Crypto Markets

Strategy acquired 811 Bitcoin between October 26 and November 1, paying $65.5 million at an average price of $80,846 per coin, bringing its total holdings to 849,327 BTC valued at roughly $66 billion. The company funded the purchase in part by selling 1.18 million MSTR shares, raising $164 million, with $98.5 million of that going into USD Cash. Michael Saylor, who had hinted at a new purchase on social media the day before the disclosure, said Bitcoin was headed back above six figures.

Alongside the Bitcoin buy, Strategy repurchased $208.2 million worth of its STRC preferred shares during the week, bringing total STRC buybacks to $413.1 million since October 19, more than six times what the company spent on Bitcoin over the same period. The scale of the preferred share repurchases relative to Bitcoin buying has drawn attention as a sign of balance sheet management and market stabilization efforts. Strategy's USD Reserve stands at $4.79 billion, with an additional $132.7 million in USD Cash after the transactions. The move followed Strategy reporting $19.5 billion in third-quarter net income.

Strive Asset Management also disclosed a smaller purchase, buying 124 BTC between October 24 and 30 at an average price of $80,526, bringing its total holdings to 43,124 BTC. Together, the two firms added 935 BTC worth approximately $75.5 million in the latest weekly accumulation window.

Both purchases came against a turbulent market backdrop. Bitcoin was trading near $77,600 to $78,000 on November 2, pressured by fallout from the largest cryptocurrency theft in history. Binance suffered a $6.3 billion hack on October 29, attributed by investigators to North Korea's TraderTraitor group, surpassing the $1.46 billion Bybit breach from February 2025. The exchange paused withdrawals and pledged to cover all losses, reserving $6.34 billion including $5 billion in matching tokens. By November 1 it reported 95 percent of funds replenished. When withdrawals reopened, customers pulled a net $4.6 to $4.7 billion from the exchange, with $3.64 billion leaving in the first nine and a half hours alone. U.S. spot Bitcoin ETFs recorded $643.3 million in net outflows on Friday, the largest single-day withdrawal since June 25, ending four consecutive days of inflows. Bitcoin had dropped to a six-week low near $76,100 before recovering toward $78,000, while the FBI and Secret Service joined recovery efforts and a small number of stolen funds began moving through Bitcoin mixers.