STRATEGY RETIRED 1,420,467 SHARES OF ITS OWN PREFERRED — ONLY 5,110,870 TRADED ALL WEEK — IT WAS A QUARTER OF THE MARKET

Strategy retired 1,420,467 shares of its own preferred in the week ending September 13. Across the four days the market was open that week, September 8 through 11, a total of 5,110,870 STRC shares changed hands.

So Strategy was about 28% of everyone buying and selling its own preferred.

It did not overpay. The cash works out to $98.07 a share and the market averaged about $98.06 across those four days. They paid the going rate.

What the $139.3 million bought is the part worth reading. CEBE Tracker does this arithmetic per share, and it puts the retirement's effect at eight sats. Bitcoin's price move over the same week took 1,407. Eight sats in. Fourteen hundred and seven out.

STRC closed at $98.64 on September 11 with Strategy buying. It closed at $97.07 on September 16. That is a sequence and not a proven cause, and blocks arranged off the open market would not show up in the volume either way.

None of this is a scandal. A company bought its own paper at the price it was helping to set, which is what a buyback in a thinly traded preferred looks like from the inside. It is worth knowing before anyone calls that price a market signal.