Strategy’s latest move wasn’t just about buying more Bitcoin, but about how it used its capital. In its most recent filing, Strategy added just 250 Bitcoin for roughly $21.5 million, bringing its total holdings to 848,250 Bitcoin. That was its smallest Bitcoin purchase of the year.
What stands out is what happened alongside that buy. Strategy also spent $192.4 million repurchasing its STRC preferred shares, nearly 9 times the size of the Bitcoin purchase. That contrast shifts the focus away from Bitcoin accumulation and onto capital allocation.
Rather than making a much larger treasury addition, Strategy used substantial cash to manage its capital structure as well as its crypto treasury. For now, the key takeaway is less the Bitcoin tally and more what this filing shows about how the company is deploying cash.