Public Firms’ BTC Buying Slows; Strategy Buys Back $132M STRC

The pullback in corporate net buying and Strategy's decision to direct capital toward its own preferred shares rather than more bitcoin point to the same thing: the treasury-company trade is maturing from accumulation to balance-sheet management. That matters most for the smaller listed firms that copied the model, since their demand was a visible marginal bid. Whether this is a temporary pause or a durable shift in how these vehicles allocate capital is the open question.