Strategy, the Michael Saylor-led enterprise software company turned Bitcoin accumulator, directed $176.3 million to repurchase 1.77 million shares of its STRC preferred stock during the week ending Sunday. The figure ran roughly six times the $28.7 million it deployed to acquire 334 BTC over the same period, according to a Monday 8-K filing with the US Securities and Exchange Commission.

The weekly Bitcoin purchase brought Strategy's corporate holdings to exactly 848,000 BTC, a level disclosed in the same regulatory submission.

What is the buyback tilt signaling?

The 1.77 million STRC shares were retired through open-market operations during the seven-day window, the filing shows. STRC is one of four preferred classes the company has issued to fund its Bitcoin treasury strategy, alongside STRF, STRK and STRD.

The asymmetry in weekly spending — $147.6 million more on buybacks than on BTC — marks a continued shift toward using preferred-stock repurchases as a tool to support the trading price of its yield-bearing instruments. Strategy has periodically used buybacks to absorb supply when preferred prices sit near or below par, tightening secondary-market float and reducing the cost of servicing the dividend over time.

How does the dividend overhaul change the preferred stack?

In a proxy filing submitted the same day, Strategy asked shareholders to authorize daily dividend distributions across STRC, STRF, STRK and STRD. The proposal would replace STRC's twice-monthly schedule and the quarterly cadence on the other three issues.

Strategy said the proposal would not change dividend rates or its overall payment obligations, but could shorten reinvestment delays and improve liquidity and price stability.

Shareholders will vote at a special meeting scheduled for October 28. If approved, STRC's daily schedule would begin in November. STRF, STRK and STRD would follow in January.

Why is the preferred program growing more central?

Strategy's preferred stack sits at the center of its balance-sheet thesis: issuing yield-bearing instruments whose proceeds fund Bitcoin acquisitions, then managing the preferreds as a recurring financing cost. Buybacks reduce floating supply and tighten the secondary market for STRC, lowering the cost of paying its dividend in future periods.

The proxy does not alter the dividend rate. The shift to daily distributions, however, compresses the gap between ex-dividend dates and reinvestment, making the preferreds behave closer to money-market substitutes and narrowing the spread between STRC's yield and short-term Treasuries.

What is the next milestone?

The October 28 shareholder vote will determine whether Strategy can compress payment cycles across its preferred stack. Daily STRC distributions could begin as early as November, with the remaining three preferreds migrating to daily payouts by January if the measure passes. The $176.3 million buyback meanwhile sets a benchmark for how aggressively the company will absorb preferred supply when prices sit at or below par.