Strategy Prioritizes STRC Buybacks Over Bitcoin Purchases

Strategy, a leading Bitcoin holder, significantly increased its investment in repurchasing its preferred stock (STRC) compared to buying Bitcoin last week. Between September 29 and October 5, 2026, the company spent approximately $176.3 million to repurchase around 1.77 million STRC shares. In contrast, it allocated about $28.7 million to purchase 334 Bitcoin, bringing its total holdings to 848,000 BTC.

The shift in focus underscores Strategy’s growing emphasis on strengthening the securities that finance its Bitcoin treasury. The company has been working to make STRC more attractive and stable after its price dropped sharply below the $100 stated amount earlier this year. Strategy expanded its preferred-stock repurchase authorization to $2 billion and is seeking shareholder approval to transition STRC and three other preferred securities to daily dividend payments.

Under the proposal, dividends would accrue every calendar day and be paid on the next business day, without altering the dividend rates or the company’s overall payment obligations. Strategy believes this change could reduce reinvestment delays, improve liquidity and price stability, and boost demand for its preferred securities. Shareholders are scheduled to vote on the proposal on October 28, 2026.

The broader change in Strategy’s capital allocation is evident in its Bitcoin holdings, which grew only 0.2% in Q3 2026, with 7,218 BTC purchased and 5,553 BTC sold. During the same quarter, the company spent about $1.38 billion on STRC buybacks. The company aims to build a stronger preferred-stock market around its Bitcoin treasury, which could ultimately support its ability to raise capital and continue adding Bitcoin.