Strategy is spending hundreds of millions to defend its preferred stock but $STRC still can’t get back to $100. Strategy has now spent $635.2M buying back STRC, its perpetual preferred stock, yet the shares remain below their $100 par value, trading around $97.34. The company initially authorized $1B for STRC repurchases, helping lift the preferred stock from roughly $71 to the high-$90s. Its latest buyback was another $151.8M, at an average price of $97.48. At the same time, Strategy returned to Bitcoin accumulation, purchasing 4,603 BTC for $369.7M last week and bringing its total holdings to 845,050 $BTC . But STRC is facing competition from Strive’s SATA preferred stock. SATA offers a 13% annualized dividend paid daily, compared with STRC’s 12% rate paid twice a month. SATA has held around its $100 par value, allowing Strive to continue issuing shares and use the proceeds to buy more Bitcoin including 1,800 BTC last week. The divergence is also visible in the common stocks: ASST is up roughly 60% YTD, while MSTR is down about 15%. Strategy is still the dominant corporate Bitcoin holder, but the preferred-stock market is becoming increasingly competitive. #BTC Price Analysis# #Macro Insights#