Michael Saylor's Strategy made no Bitcoin purchases or sales last week, choosing instead to direct $204.9 million into buybacks of its STRC preferred stock.

According to a Monday filing with the US Securities and Exchange Commission, the company repurchased 2.07 million STRC shares between Monday and Friday, shrinking the outstanding base of the preferred listing. The filing also disclosed no Bitcoin (BTC) transactions and no stock sales through the company's at-the-market offering program during the reporting period. At-the-market programs allow issuers to sell registered shares into the open market over time at prevailing prices.

Strategy's Bitcoin holdings held steady at 848,517 BTC, acquired for a cumulative $64.02 billion at an average purchase price of $75,446 per coin. At Monday's US equities open, the largest cryptocurrency by market capitalization was changing hands at roughly $79,992 apiece, a level that sits above the company's average cost basis.

The buyback activity sharply reduced one of the company's cash measures. Strategy's USD Cash balance fell approximately 46% over the week, declining to $242.4 million from $447.3 million, after management used $204.9 million to repurchase STRC shares, indicating the repurchases were funded from standing cash rather than the company's larger dollar reserve. That US dollar reserve, by contrast, remained unchanged from the previous week at $4.83 billion.

Capital allocation has tilted heavily toward buybacks since October began. Over that span, Strategy has spent about $664 million repurchasing STRC preferred shares, against $72.3 million deployed to purchase 851 BTC, a roughly nine-to-one split in favor of shrinking the preferred share base over expanding the Bitcoin treasury.

The week-long pause in accumulation came as Bitcoin retreated toward $80,000, after touching $84,777 on Wednesday, according to CoinGecko data.

In Monday premarket activity, Strategy's common stock (MSTR) declined 2.2% to $142.80, while its STRC preferred shares edged down 0.01% to $99.35, according to Yahoo Finance.

STRC is one of the preferred stock instruments Strategy has issued to help finance its Bitcoin acquisition strategy, an approach to building a corporate Bitcoin position that a growing number of public companies have adopted in recent years. The company, formerly known as MicroStrategy, began accumulating Bitcoin in 2020 and remains the largest corporate holder of the asset. Its next weekly filing will show whether the accumulation pause extended and whether STRC buybacks continued at a similar pace.