Strategy Discloses 487-Bitcoin Purchase Funded With Preferred Stock

Strategy disclosed on November 10, 2025, that it had acquired 487 bitcoin for approximately $49.9 million during the period from November 3 through November 9. The company reported an average purchase price of $102,557 per bitcoin, including fees and expenses, and said the transaction increased its holdings to 641,692 bitcoin.

The purchase was modest relative to Strategy’s accumulated position, but its financing was institutionally significant. Rather than selling common stock during the reporting window, the company raised capital through four publicly traded perpetual preferred-stock programs. The transaction illustrated how Strategy was broadening its bitcoin-acquisition model beyond convertible debt and common-equity issuance into securities carrying dividend and liquidation preferences.

What the filing established

Strategy’s Form 8-K said its aggregate bitcoin holdings had cost approximately $47.54 billion as of November 9, 2025. That produced a company-reported average acquisition cost of $74,079 per bitcoin, inclusive of fees and expenses.

The filing attributed the new purchase to proceeds from sales of STRF, STRC, STRK and STRD preferred shares. Between November 3 and November 9, Strategy sold 165,614 STRF shares, 262,311 STRC shares, 50,881 STRK shares and 12,800 STRD shares.

Those sales generated approximately $18.3 million, $26.2 million, $4.5 million and $1.0 million in net proceeds, respectively. The four figures totaled $50.0 million after sales commissions, closely matching the disclosed $49.9 million aggregate bitcoin purchase price. Strategy reported no sale of its MSTR common stock during that window.

The preferred instruments did not all have identical economics. STRF and STRD carried stated 10% annual dividend rates, while STRK carried an 8% rate. STRC used a variable dividend rate; Strategy’s October 30 financial update identified a 10.50% annualized rate and an $0.88-per-share dividend for November 2025, subject to the instrument’s governing terms and board action.

Why the financing mattered

The disclosure showed that Strategy was creating several layers of publicly traded claims around one concentrated bitcoin reserve. Preferred shareholders ranked ahead of common shareholders for dividends and liquidation claims, while holders of MSTR common stock did not directly own or possess a redemption right to the company’s bitcoin.

That distinction mattered because the acquisition increased both assets and senior financial obligations. The bitcoin did not generate contractual cash flow to meet preferred dividends. Strategy therefore depended on its software operations, available cash, additional financing, asset sales or other corporate resources to satisfy obligations associated with the capital structure.

The model nevertheless expanded the potential investor base supporting bitcoin accumulation. Investors seeking income-like securities could buy preferred shares with different terms, while Strategy deployed the proceeds into bitcoin. The November 10 filing demonstrated that those preferred programs were functioning as recurring acquisition channels rather than merely announced financing capacity.

What the disclosure did not show

The $102,557 figure was an acquisition-period average, not bitcoin’s market price at a specific time on November 10. The filing did not identify individual trade timestamps, execution venues, custodial addresses or the price paid in each transaction. It therefore cannot establish how Strategy’s buying affected spot-market prices during the November 3–9 window.

The announcement also did not prove that the financing was accretive to every class of shareholder. That judgment depended on bitcoin prices, preferred dividends, future issuance, financing costs and the market valuation of Strategy’s securities. What was verifiable on November 10 was narrower: the company had again converted public-market capital into bitcoin, this time without issuing common shares during the disclosed week, and had further linked its balance sheet to both bitcoin volatility and perpetual preferred-stock obligations.