Strategy Inc. (NASDAQ:MSTR | MSTR Price Prediction) disclosed another round of Bitcoin (CRYPTO:BTC) buying this week while investors in U.S. spot bitcoin ETFs kept pulling money out. The filing also shows that most of Strategy Inc.’s spending that week went…

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Strategy Inc. (NASDAQ:MSTR | MSTR Price Prediction) disclosed another round of Bitcoin (CRYPTO:BTC) buying this week while investors in U.S. spot bitcoin ETFs kept pulling money out. The filing also shows that most of Strategy Inc.’s spending that week went to buying back its STRC preferred stock.

Saylor Adds 811 Coins as Holdings Near 850,000

Strategy Inc.’s Nov. 2 Form 8-K, as reported by The Block, BitcoinTreasuries.net and crypto.news, shows the company bought 811 bitcoin for $65.5 million between Oct. 26 and Nov. 1. That brought its holdings to 849,327 bitcoin as of Nov. 1, bought for an total $64.08 billion, according to the filing as reported. Executive Chairman Michael Saylor previewed the purchase on X with “We found room for even more orange.” His summary post read:

“Strategy has acquired 811 $BTC and repurchased $208M of $STRC. As of 11/1/26, we hold 849,327 BTC and $4.9B of USD Assets.”

Investors can read the weekly disclosures directly in Strategy Inc.’s 8-K filings on SEC EDGAR.

ETF Investors Pulled Money Three Days Running

The filing came out on Nov. 2. That day, U.S. spot bitcoin ETFs posted net outflows of $398.6 million, according to SoSoValue fund-flow data, and Farside Investors reported the same figures. BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) lost $405.3 million. Fidelity Wise Origin Bitcoin Fund (CBOE:FBTC) took in $6.7 million. IBIT’s outflow was bigger than the group’s net total, which means the other funds combined took in money that day.

The selling started before Nov. 2. Net outflows reached $643.3 million on Oct. 30, when IBIT lost $233.7 million and FBTC lost $201.0 million. On Nov. 3, outflows totaled $115.6 million, including $95.0 million from IBIT, while FBTC added $6.8 million. That makes three straight trading days of net outflows. Flow data for Nov. 4 wasn’t available yet.

Some of IBIT’s swings come from institutional trading. On a Sept. 29 episode of The Pomp Podcast, one speaker said “BlackRock’s Bitcoin ETF product will always be inflated because it’s also attached to the options associated with IBIT.”

STRC Buybacks Outpaced Bitcoin Purchases

BitcoinTreasuries.net reports that Strategy Inc. spent $208.2 million that week buying back its STRC preferred stock, more than three times what it spent on bitcoin. From Oct. 12 through Nov. 1, BitcoinTreasuries.net shows $606.2 million spent on STRC buybacks and $87.6 million spent on bitcoin. A Nov. 3 market note from Saxo said “Strategy bought 811 bitcoin but spent more buying back its STRC preferred than on coin.”

STRC pays a 12.00% annualized dividend, and management has said it plans to keep buying STRC while the shares trade below their $100 stated amount. Those obligations are getting bigger. For its third-quarter 8-K, Strategy Inc. reported preferred dividends of $419.6 million, compared with $139.9 million a year earlier.

New MSTR Shares Paid for the Purchase

Crypto.news, citing the filing, reported that Strategy Inc. sold 1,178,552 new MSTR shares through its at-the-market program for approximately $164 million in net proceeds. Of that, $65.5 million went to bitcoin. BitcoinTreasuries.net puts the USD Reserve at $4.79 billion and USD Cash at $132.7 million as of Nov. 1. Those are separate from the $4.9B “USD Assets” figure in Saylor’s post, which uses a different label.

When Strategy Inc. sells new shares, each existing share represents a smaller piece of the company, even as the bitcoin reserve grows. The company reported a BTC Yield of (3.7)% year to date. It has also sold about $431.8 million of bitcoin this year to fund preferred dividends and STRC buybacks.

As of 11:20 AM ET, MSTR was at $144.52, up 6.55% on the day and down 9.68% over the past month. As of 11:10 AM ET, IBIT was up 3.6% and FBTC was up 3.58%.

What Bitcoin Fund and MSTR Holders Should Track Now

These are two different ways to own the same asset. IBIT and FBTC hold bitcoin directly and charge expense ratios of 0.33% and 0.25%. MSTR adds more layers on top of bitcoin: issuing new shares, paying preferred dividends and buying back STRC. After the third quarter, Saylor said he thinks bitcoin is “at the beginning of its next bull market.”

Things to watch next:

  • Strategy Inc.’s weekly 8-K filings, to see whether more of its spending goes to bitcoin or to STRC
  • Whether STRC trades near its $100 stated amount
  • Daily ETF flows, to see whether the outflows continue past three days
  • The CFO change: Andrew Kang leaves Nov. 5, 2026, and Reza Virasteh takes over Jan. 1, 2027

Fund outflows and one company’s buying offer limited signals on where bitcoin’s price goes next.

Contact [email protected] for any questions or corrections.

AJ spent 10 years writing about financial markets at The Motley Fool. His coverage centers on technology stocks and the broader macroeconomic trends, from interest rates to geopolitics,  that shape where markets are headed next. AJ is drawn to the stories where big-picture economics and individual companies collide.