Strategy buys 267 Bitcoin, repurchases $193M in STRC shares

The pairing is the story: a modest Bitcoin add sits alongside a far larger capital-allocation move into preferred equity, signaling that Strategy's balance-sheet management now runs parallel to its accumulation narrative rather than behind it. The expanded buyback capacity matters most for STRC holders, since it puts a firm bid under a preferred instrument that trades on the company's credit and treasury perception. Whether the Bitcoin purchases stay this small relative to buyback activity is the open question, and it reframes how the market reads Strategy as a treasury vehicle versus a capital-structure story.