Strategy buys 1,036 Bitcoin, repurchases $188 million of STRC

Strategy has filed weekly bitcoin-purchase disclosures since 2020 under Michael Saylor, funding most buys through at-the-market sales of Class A common stock. STRC, its variable-rate preferred class introduced in 2025, pays a monthly dividend meant to hold the shares near par value of $100, a target it had only just regained. MSCI periodically reviews whether firms with outsized crypto treasuries still belong in its equity indices, a standing question for MSTR.

Strategy added 1,036 BTC for $81.9 million, taking its stack to 850,364 coins, while spending more than twice that, $188.3 million, buying back STRC preferred shares. Both came from fresh MSTR stock sales, diluting existing holders to support a preferred class trading near its $100 par and to keep the Bitcoin counter climbing. MSTR fell 4% to $124.23 on the news, showing the market reading the buyback as the more urgent transaction.

Spending more on defending a preferred share's par value than on the bitcoin purchase that defines the company's identity says something about where the pressure sits right now. Funding both moves with new equity keeps the flywheel running only as long as investors keep buying MSTR stock, a dependency that sits uneasily with a strategy built on being the largest corporate holder of a scarce asset, now near 4% of Bitcoin's total supply.

MSCI's index review, which decides which companies face removal over crypto-asset concentration, lands just after this filing and will show whether the buyback sequencing was defensive positioning. A removal would pressure index funds to sell MSTR regardless of Strategy's bitcoin holdings; continued inclusion would validate the hybrid preferred-and-equity funding model Saylor has built STRC and future issuances around.

BitcoinBTC it is the asset of the company or protocol in the event

Bitcoin barely moved in the 4 hours after the first headline, after rising 0.6% in the 2 hours before.

47 prices, one every 30 minutes · The move was larger before the first headline than after: an observation, not an explanation. The market also moves on things nobody publishes.