Strategy Buys Back $139M of STRC, Leaves 845,050 BTC Untouched

The signal here is the direction of capital: cash is flowing to preferred holders rather than into BTC, and the slower repurchase pace suggests the buyback is being rationed, not accelerated. That matters for STRC holders and for anyone treating Strategy's balance sheet as a proxy for treasury demand. With holdings flat for a second week, the open question is whether preferred retirement keeps taking priority over accumulation.