# The Hashpoint for November 10, 2026

*November 10, 2026, Dennis W. Davis*

> Strategy Spends $188 Million on STRC, $82 Million on Bitcoin

*Bitcoin Hashpoint, November 10, 2026*

Strategy spent $188.3 million last week buying back its own STRC preferred and $81.9 million buying Bitcoin. Monday's 8-K shows the company sold 2,051,348 MSTR shares for $283.8 million and sent 2.3 times as much to STRC as to the coin. STRC closed Monday at $99.98, two cents under par and 14 cents above Friday's $99.84. The 1,036 coins cost $79,012 each and lifted the average to $75,456. Bitcoin closed at $75,259, $197 under that line, and stood at $74,151 at 6:05 a.m. ahead of the 8:30 CPI print.

## STRC and Strategy

STRC's run below par reached 123 sessions and 179 calendar days from the last close at or above $100 on May 14. The effective yield reads 12.002% on the 12.00% declared rate, and the box rates the at-the-market channel marginal. The filing shows no preferred stock sold through the ATM during the week. The 1,887,464 STRC shares came off the market instead, a bid from the issuer itself.

Strategy now holds 850,364 coins at an aggregate cost of $64.16 billion. At the 6:05 price the stack sits 1.73% under water, about $1,305 a coin and $1.11 billion in total by Hashpoint arithmetic. The company reports $4.9 billion of USD assets and $560.3 million left on its preferred repurchase authorization. Blockhead reports MSTR fell 2.3% on Monday.

MSCI publishes its final list of non-operating companies Wednesday, with Strategy among the names flagged in May. JPMorgan puts the passive selling at about $2.8 billion if MSCI drops the stock, per The Block and CoinGabbar. Removals would take effect after the November 30 close.

This publication's own analysis holds that a STRC under par raises the dividend bill and slows Strategy's buying. Last week the company chose to close the gap to par with cash rather than with a higher rate. That choice cost 2.3 dollars of STRC buyback for every dollar of Bitcoin.

![strc panel](https://bitcoinhashpoint.com/content/panels/2026-11-10/strc-1f7ea698.png)

STRC closed at $99.98, two cents under par, after Strategy bought back $188.3 million of it.

![strategy purchases panel](https://bitcoinhashpoint.com/content/panels/2026-11-10/strategy-purchases-fab142b9.png)

Strategy added 1,036 coins at $79,012, lifting its average to $75,456.

## Power law and network

The floor reads $67,117 and the median $159,803. Monday's close put Bitcoin at 1.121 times the floor and 0.471 times the median. The 6:05 spot print sits at 1.105 times the floor, $7,034 above it. CoinGecko shows a 24-hour change of minus 0.5% and a seven-day loss of 2.7%.

Monday's low came near $73,636 on Coinbase candles, per CryptoTicker, and the 200-day average near $73,151 held again. Stocks did not drag the coin down: the Nasdaq rose 2.75% and the S&P 500 2.35% Monday, per CoinDesk, while Bitcoin slipped 1.1%.

The chain stands at block 975,222, difficulty 148.36 trillion. The box's three-day median hashrate reads 826 exahash per second on its point series and 967 on https://www.google.com/url?q=http://mempool.space&source=gmail&ust=1794396227781000&sa=E's live read; CoinWarz shows 970. The retarget sits 522 blocks out on the box's count, about 4.5 days. CoinWarz projects a 4.2% cut on November 13; https://www.google.com/url?q=http://mempool.space&source=gmail&ust=1794396227781000&sa=E ranges from 6.4% to 7.1%. Binance shut its mining pool at 07:00 UTC today. It found about 1.1% of blocks last month, per CoinMarketCap. The halving lies 74,778 blocks away.

![btc price and power law bands panel](https://bitcoinhashpoint.com/content/panels/2026-11-10/btc-price-and-power-law-bands-2dc43d6a.png)

Bitcoin closed at $75,259, 1.121 times the $67,117 floor.

![on chain network state hashrate over time panel](https://bitcoinhashpoint.com/content/panels/2026-11-10/on-chain-network-state-hashrate-over-time-d3a14dcf.png)

The retarget sits 522 blocks out with estimates from a 4.2% to a 7.1% cut.

## ETF flows and macro

Spot funds lost $201.1 million on Monday, per SoSoValue via TokenPost, the third straight day of outflows. IBIT shed $213.2 million and ARKB $9.9 million, while Morgan Stanley's MSBT took in $22.1 million. Farside did not load this morning, and the box's flow table still ends November 6. Six sessions now total about minus $1.48 billion by Hashpoint arithmetic. Cumulative inflow since launch reads $55.50 billion.

The supply pressure index rose to minus 1.21 from minus 1.30. Over 30 days fund selling outran Strategy's buying by 1.21 times what the network mined.

The 10-year closed Monday at 4.88%, per FRED through the box, up from 4.86%. Trading Economics shows 4.89% this morning, the 2-year at 4.62% and the 30-year at 5.27%. The box carries the 10-year real yield at 2.66%. The dollar index reads 101.70.

Governor Waller spoke in London at 4:00 a.m. Eastern: "I would still support a 25 basis point increase in the FOMC's policy rate at our December meeting." CME FedWatch odds of a December hike jumped from 76.3% to 96.3%, per Cointelegraph. October CPI lands at 8:30 with a 0.3% monthly headline consensus and 0.2% core, and no year-over-year figures this month because of last year's shutdown gap. The 10-year auction follows at 1:00 p.m., Bowman and Schmid at 1:30. The bond market closes Wednesday, and PPI comes Friday.

![spot etf daily net flows aggregate panel](https://bitcoinhashpoint.com/content/panels/2026-11-10/spot-etf-daily-net-flows-aggregate-6d009f7a.png)

Spot funds lost $201.1 million Monday, IBIT $213.2 million of it.

![macro context with btc price panel](https://bitcoinhashpoint.com/content/panels/2026-11-10/macro-context-with-btc-price-f1d83c96.png)

The 10-year closed at 4.88% as December hike odds reached 96.3%.

The Crypto Fear and Greed Index from https://www.google.com/url?q=http://alternative.me&source=gmail&ust=1794396227781000&sa=E read 29 on November 9, up from 28. The Hashpoint structural composite read 24 a day behind, down from 25. The gap widened to five points.

![fear and greed panel](https://bitcoinhashpoint.com/content/panels/2026-11-10/fear-and-greed-d893e35e.png)

Market mood 29 against a structural 24, a five-point gap.

## The Daily Experiment

This is the Hashpoint's own experiment, run each morning on the box's data. The box features STRC: if STRC keeps the last 10 sessions' pace of plus $0.081 a session, it reaches par from $99.98 in one session (as of November 9).

Yesterday's read put par four sessions away. The jump to one session comes from Monday's 14-cent gain, and the filing shows where the bid came from: Strategy's own $188.3 million buyback. For the if-clause to hold, the buyer has to keep showing up; the $560.3 million left on the authorization caps how long. The box's escalator line still reads 2.40% stepping to 2.65%, the artifact this publication flagged earlier: it treats daily payments as the full rate. The declared rate stays 12.00%.

The 10-year link stays weak. The box's 90-day read gives an r-squared of 0.0009 over 61 sessions. Strategy's cushion row still uses the old 849,327-coin count; the new filing puts the cost line at $75,456.

| Scenario | If | Then | Since yesterday |
| --- | --- | --- | --- |
| STRC to par | Pace holds at +$0.081 a session | Par in 1 session from |  |
| $99.98 | Was 4 sessions from $99.84 |  |  |
| Strategy cushion | BTC holds $75,259 | 0.25% under $75,448 cost; halves |  |
| at $75,354 | Was -0.92% |  |  |
| Power-law clock | BTC holds $75,259 | Floor meets price Mar 19, 2027, 130 |  |
| days | Was Mar 11, 123 days |  |  |
| Yield shock | 10-year rises 25 bp | BTC +0.37%, r-squared 0.0009, n 61 |  |
| Was +0.41% |  |  |  |
| ETF absorption | 30-day pace holds, through Nov 6 | -625 BTC a day, |  |
| -1.39x issuance | Was -629, -1.40x |  |  |
| Theory drift | BTC flat 90 days | Median $103,427, gap -27.2% | Was |
| $103,063, same models |  |  |  |

![daily experiment panel](https://bitcoinhashpoint.com/content/panels/2026-11-10/daily-experiment-2a44a05b.png)

At ten sessions' pace, STRC reaches par from $99.98 in one session.

## The Bull View

- SEC: Strategy's 8-K shows 1,036 coins bought at $79,012 and $188.3 million of STRC repurchased, with $4.9 billion of USD assets in reserve

- CoinDesk: the 200-day average near $73,151 held under Monday's overnight low of $73,761

- The Block: Trump Media swung to a $409.7 million third-quarter profit on crypto gains, with about 15,649 coins on its books

- CoinMarketCap: Binance's pool found only about 1.1% of blocks last month, so its shutdown moves little hashrate

The bull case leans on a holder that keeps buying above its own cost and a long-term average that has now held twice.

## The Bear View

- Cointelegraph: Waller backed a December hike, and FedWatch odds jumped to 96.3% from 76.3%

- CoinDesk: Bitcoin fell 1.1% Monday while the Nasdaq rose 2.75% and gold rose 1.8%

- SEC: MARA sold 13,597 coins after quarter end near $81,039, about $1.1 billion

- SoSoValue via TokenPost: spot funds shed $201.1 million Monday, a third straight outflow

- Bitcoin Magazine: Strategy's holdings slipped below cost even after the new buy

- The Block: MSCI rules Wednesday, and JPMorgan estimates $2.8 billion of passive selling if it drops Strategy

The bear case leans on a Fed near-certain to hike, a large miner selling and an index decision that could force selling of the stock.

## The Hashpoint read

Bitcoin closed at 1.121 times its floor and 0.471 times its median. STRC sits two cents from par in its 123rd session below it, and Strategy bought much of that gain with its own cash.

The bulls have the buyer right. Strategy bought above cost again and holds $4.9 billion in dollars. They miss the ratio: the company sent $2.30 to STRC for every $1 to the coin, so the preferred defense now competes with accumulation for the same MSTR proceeds. The bears have the Fed right, with hike odds at 96.3% and the 10-year up two basis points to 4.88%. They have not shown the 10-year moving the coin, and the box rates that link at an r-squared of 0.0009.

The spring holds its tension at the floor end. Three prints come inside 48 hours: CPI at 8:30, the 10-year auction at 1:00, and MSCI on Wednesday. A STRC close at $100 ends the run. A Bitcoin close above $75,456 puts Strategy back above cost, and a close under $73,151 loses the 200-day.

![daily synthesis panel](https://bitcoinhashpoint.com/content/panels/2026-11-10/daily-synthesis-a98f067c.png)

Bitcoin closed $8,142 above the $67,117 floor with STRC two cents from par.

*Data: Bitcoin Hashpoint dashboard, Strategy Form 8-K of November 9, 2026 (SEC EDGAR), SoSoValue via TokenPost and KuCoin, TFTC, Coin Metrics via the box, Coinbase via the box, FRED via the box, https://www.google.com/url?q=http://mempool.space&source=gmail&ust=1794396227781000&sa=E, CoinWarz, CoinMarketCap, Crypto Fear and Greed Index by https://www.google.com/url?q=http://alternative.me&source=gmail&ust=1794396227781000&sa=E, Trading Economics, CME FedWatch via Cointelegraph, CoinGecko, CryptoTicker, CoinDesk, The Block, Cointelegraph, Bitcoin Magazine, Blockhead, CoinGabbar, MARA shareholder letter (SEC EDGAR), Trump Media release. Structural reads, not forecasts. Nothing here is investment advice.*

---

Source: https://bitcoinhashpoint.com/the-hashpoint-for-2026-11-10/  
Feed: https://bitcoinhashpoint.com/rss.xml  
Numbers: https://bitcoinhashpoint.com/the-hashpoint-for-2026-11-10/numbers.json  
Dashboard: https://dashboard.bitcoinhashpoint.com/static/dashboard.html