Strategy usually spends only this much a week buying Bitcoin, but this time it suddenly spent three times as much buying back its own preferred shares. They call it a buyback, but the most eye-catching thing on the market is still that pile of Bitcoin. Honestly, this kind of move is most reminiscent of the sort of thing you often saw in the mining circles back in 2017: when the coins aren’t real enough, you have to make sure the story in the capital markets is. As for whether the stock price ultimately buys into that logic, I won’t pretend to know. I’ve seen it go both ways; managing the position is up to the institution itself.