$75,451. That's Strategy's average cost across 849,327 bitcoin as of November 1, and it's the number I'd watch way more closely than…

$75,451. That's Strategy's average cost across 849,327 bitcoin as of November 1, and it's the number I'd watch way more closely than this week's 811-coin add.

• Per the November 2 SEC 8-K, Strategy bought 811 BTC for $65.5 million from October 26 to November 1 at an $80,846 average. That's buying above its own blended cost, which nudges the basis higher, though 811 coins against 849,327 makes the effect marginal.
• Aggregate cost is about $64.08 billion. That's historical cost basis, not market value, so the cushion depends entirely on where spot trades versus that $75,451.
• The funding came from selling 1,178,552 MSTR shares for $164.0 million net. $65.5 million went to bitcoin and $98.5 million went to USD Cash. The same filing shows a $208.2 million STRC preferred repurchase funded from USD Cash.
• $MSTR closed October 30 at $130.51, a 7.84% decline for that session, and was indicated at $131.79 (+0.98% vs. that close) in pre-market trading on November 2.

I stay bullish on BTC heading back to highs, so I get the logic of stacking. But a company issuing stock to buy coins above its own average cost while spending cash on buying back preferred is a setup I'd stress-test, and I could be wrong. I want to hear how the next earnings call frames cost basis against spot.

Sources:
https://www.sec.gov/Archives/edgar/data/1050446/000119312526442707/mstr-20261102.htm
https://www.tradingview.com/news/tradingview:1c01656c32222:0-strategy-raises-164m-from-mstr-sales-buys-811-bitcoin-and-repurchases-strc/?mobileapp_new=true

Not financial advice. For informational and educational purposes only.