Saylor's Strategy Repurchases Own Preferred Shares, Not Bitcoin

Strategy, led by Michael Saylor, did not buy any Bitcoin last week. Instead, it repurchased its own STRC preferred shares for $176.3 million.

This move may seem counterintuitive for a company focused on accumulating Bitcoin. However, Strategy is trying to repair and strengthen the financing machinery that helps raise money for future Bitcoin purchases.

The company has been increasing its STRC buybacks since July, with the latest purchase bringing the total repurchased amount to around $810 million. Strategy's board also doubled its authorized digital-credit buyback program to $2 billion.