Strategy just bought Bitcoin at $80,846 — and Bitcoin now sits near $77,000. The company bought 811 BTC between October 26 and November 1 for about $65.5 million, per its November 2 SEC filing. That latest tranche is already underwater. But the full stack tells a different story: 849,327 BTC at an average cost of $75,451 — still below today's price. So the newest buy is losing, while the long-held stack is still ahead. The twist: in the same week, Strategy spent $208.2 million buying back its own preferred stock — more than three times what it spent on Bitcoin. The biggest corporate Bitcoin buyer is still buying. It just spent more defending its own stock than adding to the stack.