Strategy buys back $176M STRC stock, doubles buyback to $2B

This is a notable pivot for Strategy, as capital previously earmarked for Bitcoin accumulation is now being redirected toward retiring preferred stock. Doubling the buyback program suggests management sees the STRC paper as undervalued relative to its cost of capital, or that balance-sheet optimization has taken priority over further BTC exposure in the current environment. The pause in Bitcoin purchases is the key signal, implying a tactical shift rather than a strategic abandonment, but whether this is a temporary response to market conditions or a longer-term reallocation is the open question. Watch how this affects the company's leverage profile and its positioning as a BTC proxy.