Strategy Pauses Bitcoin Buys, Repurchases STRC Shares

Michael Saylor’s Strategy, formerly MicroStrategy, paused its aggressive Bitcoin accumulation last week, marking a notable shift in the corporate BTC market. The company’s latest weekly report showed no new Bitcoin purchases, leaving its total holdings unchanged at 845,050 BTC.

Instead of adding Bitcoin, Strategy deployed $139 million to repurchase its STRC preferred shares. The move suggests the company is temporarily prioritizing capital management and reducing excess fiat reserves rather than expanding its already massive Bitcoin treasury.

Strategy currently holds approximately $6.4 billion in dollar-denominated assets with a duration of 3.9 years. By using some of that liquidity for STRC share repurchases, the company is seeking to optimize its capital structure and manage financing costs.

Saylor also provided calculations based on Bitcoin trading at $77,266, with an assumed annual return of 10% and volatility of 40%. Under those conditions, STRC carries a credit spread of 57 basis points.

STRC is structured to provide investors with variable yield generated through Strategy’s treasury operations while separating credit returns from Bitcoin’s direct price volatility.

Strategy’s pause comes as another corporate Bitcoin buyer takes the opposite approach. Strive Inc., led by Matt Cole, issued additional SATA preferred shares near their $100 par value and used the proceeds to acquire 469 BTC for $36.6 million.

Strive paid an average of $77,954 per Bitcoin, bringing its corporate holdings to exactly 25,000 BTC. At current prices, the position is worth roughly $1.93 billion, while the company’s amplification ratio has climbed to 53.5%.

The contrasting strategies highlight a changing corporate Bitcoin landscape. While Strive is using preferred equity to fund debt-free Bitcoin purchases around current market levels, Strategy has temporarily stepped away from buying.

With Bitcoin trading above $77,000, Saylor appears to see greater near-term value in restructuring Strategy’s capital and deploying its dollar reserves toward STRC rather than immediately increasing its Bitcoin holdings.