Strategy Holds Bitcoin Steady, Redirects Funds to Share Buybacks Instead

Bitcoin treasury company Strategy made no bitcoin purchases or sales last week, leaving its total holdings unchanged at 845,050 BTC, worth roughly $66.1 billion, according to a regulatory filing. The holdings still represent more than 4% of bitcoin’s total supply cap and reflect about $2.4 billion in unrealized gains at current prices.

Company Shifts Focus to Preferred Share Repurchases

Instead of buying bitcoin, Strategy repurchased 1.81 million STRC preferred shares for approximately $176.3 million, funded through its cash reserves. The company also doubled its digital credit securities repurchase program to $2 billion from $1 billion.

Recent History and Ongoing MSCI Dispute

The pause follows a 10 week gap in bitcoin buying while the firm strengthened its balance sheet, reducing net debt to zero and building substantial cash reserves. Strategy resumed purchases in late August, acquiring bitcoin at an average price above $80,000. Separately, the company pushed back against an MSCI proposal that could exclude certain digital asset treasury firms from major market indexes, calling the plan discriminatory and urging its withdrawal. Strategy’s stock gained nearly 7% last week, though shares remain down sharply over the past year.