Strategy Shares Fell 21.6% Through Nov. 6; Saylor Posts Bitcoin Chart Nov. 8

Strategy’s common stock fell 21.6% between its Oct. 6 and Nov. 6 closes, a decline relevant to its Bitcoin (BTC) buying program because share sales funded its latest disclosed purchase.

MSTR closed at $164.55 on Oct. 6 and $128.93 on Nov. 6, with both prices measured at 4 p.m. ET. The decline was complete before Strategy Executive Chairman Michael Saylor posted a chart tracking the company’s Bitcoin purchases on Nov. 8.

Saylor captioned the chart “Connecting the dots.” His post gave no purchase amount, transaction date or updated holdings figure.

Strategy’s latest disclosed Bitcoin purchase added 811 BTC from Oct. 26 through Nov. 1. The company paid $65.5 million, including fees and expenses, for an average of $80,846 per coin. As of Nov. 1, Strategy held 849,327 BTC acquired for a total of $64.08 billion. That total is the company’s acquisition cost, rather than a current valuation of its holdings.

During the purchase period, Strategy sold 1,178,552 MSTR common shares for $164 million in net proceeds. It used $65.5 million to buy Bitcoin and allocated the remaining $98.5 million to USD Cash, a separate balance available for broader treasury uses. The stock sales show how the company financed this purchase; Saylor’s later chart supplied no details of another one.

Strategy also spent $208.2 million from USD Cash to repurchase 2,092,035 STRC preferred shares during the same period. That repurchase was separate from the Bitcoin acquisition funded with common-share proceeds. MSTR represents common stock, while STRC is a preferred security with a $100 stated amount.

STRC closed at $99.84 at 4 p.m. ET on Nov. 6. Strategy targets a trading range of about $99 to $100 for the preferred shares through measures that include dividend-rate adjustments and repurchases, though the range is not guaranteed.

Bitcoin was priced at $74,447 as of 3:55 a.m. ET (08:55 UTC) on Nov. 9. That spot price was observed after both the Nov. 1 holdings snapshot and the Nov. 6 MSTR close.