Strategy just updated its treasury playbook with two moves: a new Bitcoin purchase and a major expansion of its preferred-stock buyback.
The company picked up 267 Bitcoin for $22.1 million last week, inching its total holdings higher to more than 848,000 coins, all acquired at an average price of about $75,446 each.
While Bitcoin accumulation remains central to Strategy’s public identity, the bigger capital decision this filing reveals is happening elsewhere. In the same period, the company repurchased $193.1 million of its STRC preferred shares, nearly 9 times the spend on Bitcoin.
Even more notably, the board raised the maximum potential for these buybacks by increasing the program cap to $3 billion from $2 billion. Strategy now has about $1.16 billion still available for future repurchases under the expanded authorization.
What stands out here is the split in funding: the Bitcoin purchase was funded mostly through sales of MSTR common stock, while the STRC repurchases were funded from cash reserves. So the balance sheet is being shaped on two fronts, crypto exposure through incremental Bitcoin, and capital return through large-scale buybacks.
Investors watching Strategy as a barometer for Bitcoin accumulation get confirmation the company is still buying, but this announcement’s headline signal is the scale and intent behind the preferred-stock repurchase.