Strategy, the world's largest institutional holder of Bitcoin, spent more than six times as much repurchasing its preferred STRC stock last week as it did buying Bitcoin, underscoring how the company is increasingly focused on strengthening the securities it uses to finance its Bitcoin treasury.

STRC is a preferred security — a class of stock that ranks between bonds and common shares in a company's capital structure and pays dividends at a defined rate — and it is one of several such instruments Strategy uses to bring in the capital behind its Bitcoin purchases.

According to a regulatory filing, the company bought 334 Bitcoin for approximately $28.7 million between September 29, 2026 and October 5, 2026, taking its total holdings to 848,000 BTC. Over the same period, Strategy spent $176.3 million to repurchase about 1.77 million STRC shares.

Latest @Strategy $BTC vs $STRC repurchases filings with @SECGov #InstitutionalBitcoin — BitKE (@BitcoinKE) October 6, 2026

View on X

The shift matters because Strategy's Bitcoin strategy increasingly depends not only on accumulating the cryptocurrency, but also on maintaining demand for the preferred securities that help provide the capital for that accumulation.

Strategy has been working to make STRC more attractive and more stable after the preferred stock fell sharply below its $100 stated amount — the benchmark per-share value for the security — earlier this year. The company has since expanded its preferred-stock repurchase authorization to $2 billion and is seeking shareholder approval to move STRC and three other preferred securities to daily dividend payments.

Under the proposal, dividends would accrue every calendar day and be paid on the next business day, without changing the dividend rates or Strategy's overall payment obligations. The company says the change could reduce re-investment delays, improve liquidity and price stability, and increase demand for its preferred securities. Shareholders are due to vote on the proposal on October 28, 2026 — a decision that will determine whether the daily-dividend structure moves ahead.

The timing highlights a broader change in Strategy's capital allocation. Its Bitcoin holdings grew by only 0.2% in the third quarter of 2026, with 7,218 BTC purchased and 5,553 BTC sold. During the same quarter, the company spent about $1.38 billion repurchasing STRC.

The immediate objective, therefore, is not simply to buy as much Bitcoin as possible. Strategy is also trying to build a stronger preferred-stock market around its Bitcoin treasury, where greater liquidity and a more predictable income stream could make it easier to attract and retain investors.

That could ultimately support the company's ability to raise capital through preferred securities and continue adding Bitcoin. Strategy itself has said that strengthening its preferred securities could create a competitive advantage, and that increased demand could contribute to higher Bitcoin per share.

In other words, the STRC buybacks are less a departure from Strategy's Bitcoin strategy than an investment in the financing machinery behind it.