[DigitalToday reporter Jae-won Choi (최재원)] Strategy, the world’s largest corporate holder of bitcoin, did not buy additional bitcoin for a second straight week. Instead, it spent $139.3 million to repurchase its STRC preferred shares. The move shows it is putting funds into managing preferred-share prices and its capital structure rather than focusing solely on accumulating bitcoin.

On Sept. 14 (local time), Cryptopolitan and U.S. Securities and Exchange Commission filings showed Strategy bought 1,420,467 shares of STRC, a floating-rate perpetual preferred stock, for a total of $139.3 million from Sept. 8 to 13. It did not buy or sell bitcoin during the same period. There was also no issuance of MSTR common stock through its at-the-market program.

Its bitcoin holdings remained at 845,050 BTC. The acquisition cost was about $63.73 billion and the average purchase price was $75,412 per bitcoin. Strategy bought 4,603 BTC from Aug. 24 to 30 for about $369.7 million, then halted additional trading for two weeks. That purchase was its first bitcoin buy in about 10 weeks.

Instead, recent funds have been focused on STRC repurchases. The previous week, Strategy repurchased 1,810,885 shares of STRC for $176.3 million. The board then expanded the cap of its digital credit securities repurchase program to $2 billion from $1 billion. After the latest repurchase, the amount available for additional preferred-share repurchases is about $1.05 billion. The $1 billion cap for MSTR common stock repurchases also remains in place.

The funds for the repurchase came from "USD Cash," which can be used for general capital operations. As of Sept. 13, that cash stood at $1.3 billion, while a separate USD Reserve for preferred dividends and debt interest payments was $5.1 billion.

STRC is a perpetual preferred stock that ranks ahead of MSTR common stock, and Strategy presents it as a "digital credit" product. STRC holders cannot directly claim the company’s bitcoin. With Strategy pausing additional bitcoin purchases and focusing funds on preferred-share management, market attention is turning to its future capital allocation strategy.