Strategy, the Bitcoin treasury company formerly known as MicroStrategy, said Monday that it once again did not buy additional Bitcoin and instead repurchased $25 million of its own preferred stock, Stretch (STRC).

In a company announcement and a post on X, Strategy said it sold 5,429,160 shares of MSTR common stock through its at-the-market program between July 20 and July 26. The sales generated $544.5 million in net proceeds. At-the-market programs allow listed companies to sell shares into the open market over time, giving Strategy a recurring way to raise capital while managing the timing and size of issuance.

The transaction marked the first time Strategy has repurchased its STRC product. STRC is one of several Strategy products designed to give investors exposure to Bitcoin through shares that pay a dividend. The repurchase also shows how Strategy is using its capital markets structure for more than direct Bitcoin accumulation, balancing common stock issuance, preferred stock obligations and cash reserves.

Strategy still holds 843,775 Bitcoin on its balance sheet, valued at more than $55 billion based on a price of $65,576 per coin.

The latest pause marks the fifth consecutive period in which Strategy did not add to its Bitcoin holdings. In recent weeks, the company has emphasized dollar accumulation over new Bitcoin purchases, a change from the aggressive buying that characterized much of its earlier Bitcoin strategy. According to a filing, Strategy now has $3.75 billion in cash that will not be used to fund repurchases.

Strategy has said its buyback plan, which was approved earlier this month, is intended to support balance-sheet strength rather than signal a retreat from Bitcoin. President and CEO Phong Le has said the company intends to remain a long-term Bitcoin buyer.

Strategy began buying Bitcoin in August 2020, during the COVID-19 pandemic, as part of an effort to generate better returns for shareholders. Since then, it has spent about $63.9 billion on Bitcoin and has become the largest corporate holder of the asset.

The company’s shares allow investors to gain exposure to Bitcoin without directly buying and holding digital coins. Strategy’s approach has also been followed by a long list of other companies that have purchased Bitcoin and other cryptocurrencies in efforts to boost their stock prices. Because Strategy’s balance sheet is dominated by Bitcoin, its financing decisions are closely watched by both equity and crypto-market observers as a signal of how public companies can manage large digital-asset treasuries.

Strategy’s Nasdaq-listed stock, MSTR, was trading nearly 7% higher on Monday at almost $98 per share. Year to date, MSTR has fallen by nearly 40%.