Strategy Shift: Saylor's Company Prioritizes Preferred Stock Buybacks Over Bitcoin

Michael Saylor's strategy has continued to prioritize buying back its preferred stock over acquiring Bitcoin. During the week of August 17-23, 2026, Strategy repurchased $136.4 million worth of STRC (Strategy's floating rate preferred stock) for the third straight week.

This move is part of a growing trend, as the company has been increasing its buybacks every week since early August. The most recent buyback of $136.4 million represents a significant increase from the previous two weeks, which saw repurchases of $109 million and $132 million respectively.

The capital for these transactions came from an at-the-market stock program that sold 18,261,118 MSTR shares for $2,006.5 million in net proceeds during the week. The funds were directed towards the STRC buyback, adding to its USD Reserve, and establishing a newly created USD Cash position.

Saylor's recent post highlighted his strategy's performance, stating that it holds approximately 4% of the total Bitcoin supply with close to zero net leverage. However, this framing omits the pattern of increasing preferred stock buybacks and cash buffers at the expense of Bitcoin holdings.