STRATEGY BOUGHT 1,665 BITCOIN FOR ABOUT $142.7 MILLION BETWEEN 2026-09-21 AND 2026-09-27 — AND SPENT $151.7 MILLION IN THE SAME SEVEN DAYS REPURCHASING ITS OWN STRC PREFERRED — THE BUYBACK WAS THE BIGGER LINE

Strategy bought 1,665 bitcoin last week for about 142.7 million dollars. In the very same seven days it spent 151.7 million dollars buying back its own STRC preferred. The buyback was the larger line.

That is a real signal and it is not the bearish one it looks like. It says the company looked at its own paper, decided the better return was retiring that paper rather than adding coins, and acted. A treasury company that can only ever buy has no answer when its securities trade below where it wants them. This one now has 723.5 million dollars left under the program to keep answering with.

The stack is 847,666 bitcoin at an average of 75,437 dollars, about 63.95 billion dollars in. That is a little over four percent of every coin that will ever exist. The ATM sold 1,469,165 shares for 246.2 million dollars net over the week, which is less than the two lines cost together, so the difference came from somewhere else on the balance sheet.

Watch which line grows next quarter. If the buyback keeps outrunning the buying, the company has told you what it thinks its own securities are worth against the asset. At the time of this writing, bitcoin was $83,277.