Strategy spent more than six times as much on repurchasing its preferred STRC stock as it did buying Bitcoin last week underscoring how the company is increasingly focused on strengthening the securities it uses to finance its Bitcoin treasury.

The company bought 334 Bitcoin for about $28.7 million between September 29 2026 and October 5 2026 taking its holdings to 848,000 BTC. Over the same period, it spent $176.3 million to repurchase about 1.77 million STRC shares, according to a regulatory filing.

 

Latest @Strategy $BTC vs $STRC repurchases filings with @SECGov

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— BitKE (@BitcoinKE) October 6, 2026

The shift matters because Strategy’s Bitcoin strategy increasingly depends not only on accumulating the cryptocurrency but also on maintaining demand for the preferred securities that help provide capital for that accumulation.

Strategy has been trying to make STRC more attractive and more stable after the preferred stock fell sharply below its $100 stated amount earlier this year. The company has since expanded its preferred-stock repurchase authorization to $2 billion and is seeking shareholder approval to move STRC and three other preferred securities to daily dividend payments.

 

INSTITUTIONAL | Leading Bitcoin Holder, Strategy, Proposes Daily Dividends to Restore Preferred Shares to $100

 

Under the proposal, dividends would accrue every calendar day and be paid on the next business day without changing the dividend rates or Strategy’s overall payment obligations. The company says the change could

  • reduce re-investment delays,

  • improve liquidity and price stability, and

  • increase demand for its preferred securities.

Shareholders are due to vote on October 28 2026.

The timing highlights a broader change in Strategy’s capital allocation. Its Bitcoin holdings grew only 0.2% in the Q3 2026, with 7,218 BTC purchased and 5,553 BTC sold. During the same quarter, the company spent about $1.38 billion repurchasing STRC.

 

MARKET ANALYSIS | Strategy Doubles STRC Stock Buyback Authorization to $2 Billion

 

The immediate objective is therefore not simply to buy as much Bitcoin as possible. Strategy is also trying to build a stronger preferred-stock market around its Bitcoin treasury where more liquidity and a more predictable income stream could make it easier to attract and retain investors.

That could ultimately support the company’s ability to raise capital through preferred securities and continue adding Bitcoin. Strategy itself has said that strengthening its preferred securities could create a competitive advantage and that increased demand could contribute to higher Bitcoin per share.

In other words, the STRC buybacks are less a departure from Strategy’s Bitcoin strategy than an investment in the financing machinery behind it.

 

 

CASE STUDY | Why the World’s Largest Bitcoin Institutional Holder Doubled Down on Stock Buyback Over BTC Purchases

 

 

 

 

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