The company has repurchased about $176 million of preferred shares while leaving its bitcoin holdings unchanged.
Strategy has doubled its buyback authorization for its STRC preferred stock to $2.0 billion and has already repurchased approximately $176 million of shares under the expanded program. Its Bitcoin holdings remain unchanged.
The choice to direct capital toward the preferred stock buyback rather than adjusting its Bitcoin position is the notable signal here. Management is treating the two as separate levers, using the buyback for capital return while leaving its core Bitcoin treasury strategy untouched.