Strategy Adds 250 BTC, Repurchases $192M of STRC Preferred Stock: Saylor

The dual move — adding bitcoin while retiring dollar-denominated preferred — reads as balance-sheet housekeeping rather than fresh conviction, and the small BTC increment relative to the existing stack supports that. The more informative figures are the duration and credit-spread disclosures, which frame Strategy's preferreds as a spread product tied to bitcoin's path. Whether STRC's spread stays tight as the stack grows is the open question.