MSTR
STRC
Bitcoin takes a back seat
Strategy just hit pause on its usual Bitcoin-buying habit for a second straight week, according to a Monday SEC filing. Instead of piling into BTC, the company spent $139.3 million repurchasing 1.42 million shares of STRC, its preferred stock with a $100 par target sitting like a stubborn houseguest that refuses to leave.
Follow the cash, not the orange dots
The filing says Strategy's Bitcoin stash is unchanged at 845,050 BTC, acquired at an average price of about $75,412 per coin. But the more interesting bit for investors is where the cash went: no buys of STRF, STRK, STRD, or MSTR shares this week, just more money aimed at STRC. The company still has $1.05 billion left in its digital credit securities repurchase program and another $1 billion available for MSTR common stock buybacks.
Why this matters
After ending a two-month Bitcoin drought on Aug. 31 with a 4,603 BTC purchase, Strategy looked ready to get back in the game. Two weeks later, the follow-through never showed up. That makes the message pretty clear: management is focused on tightening up the preferred-stock mess before it goes shopping for more Bitcoin.
Big picture
If STRC keeps acting like the squeaky wheel, Bitcoin may keep getting the grease-less treatment. For MSTR holders, that means the stock’s next leg may depend less on BTC’s price and more on whether Strategy can get its capital stack back in line.