Strategy Buys $22M in Bitcoin, Repurchases $193M of STRC Preferred Stock

The scale mismatch is the story: retiring far more preferred stock than the Bitcoin bought signals capital-structure management is now running alongside accumulation, not behind it. Raising the buyback cap to $3 billion formalizes that priority, and it matters most for STRC holders, whose instrument is being retired early, and for anyone tracking how leveraged treasury models fund themselves. Whether the buyback pace keeps outpacing new Bitcoin purchases is the open question.