Strategy repurchased $204.9 million of its STRC preferred stock between October 19th and October 25th while making no Bitcoin purchases, according to a Form 8-K filed with the U.S. Securities and Exchange Commission on October 26th.

Company founder and chairman Michael Saylor announced the buyback in an October 26th X post, reporting that Strategy holds 848,517 Bitcoin and $5.1 billion of USD assets.

The company bought back 2,068,459 STRC shares during the week, an average of about $99.06 per share based on the reported totals.

STRC, formally the Variable Rate Series A Perpetual Stretch Preferred Stock, is one of several preferred share classes Strategy has issued.

The repurchases were paid for entirely with USD Cash, which fell to $242.4 million from $447.3 million a week earlier.

USD Cash is the portion of Strategy's dollar holdings that management can deploy for broader purposes, such as buying Bitcoin and managing capital.

The separate USD Reserve, which supports preferred dividends and interest on the company's debt, held at $4.83 billion.

After the week's buybacks, $956.8 million of capacity remained in what Strategy calls its digital credit securities repurchase program, which covers its preferred stock and was expanded to $3 billion on October 19th.

Strategy sold no shares through its at-the-market program, which lets it issue new stock gradually at market prices, and neither bought nor sold any Bitcoin during the period.

It also repurchased no shares of its other preferred stocks, STRF, STRK, and STRD, or of its MSTR Class A common stock, leaving $1.0 billion available under the MSTR buyback program.

The company's 848,517 Bitcoin were acquired for an aggregate $64.02 billion, or about $75,446 per Bitcoin, including fees and expenses.

In a follow-up post, Saylor reported a USD Duration of 3.4 years and a BTC Credit of 54 basis points for STRC, assuming a 10% annual Bitcoin return, 40% volatility, and a Bitcoin price of $81,200.

A week earlier, he reported the same 3.4-year duration and a BTC Credit of 53 basis points, based on a Bitcoin price of $81,468.

Strategy describes BTC Credit as one of several illustrative credit metrics for assessing its Bitcoin-collateralized creditworthiness.