Strategy Prioritizes STRC, Cash Reserves, and Credit; No Stock Buyback

The decision to forgo buybacks in favor of STRC development, cash reserves and credit expansion signals a preference for balance-sheet optionality over returning capital — a notable posture for a company whose equity has historically traded as a leveraged proxy for its digital asset holdings. It matters most for existing holders weighing dilution and capital-allocation priorities, and for counterparties assessing Strategy's credit profile. Whether the market reads this as discipline or as a signal that buybacks are constrained is the open question; watch how the credit build-out and STRC traction develop relative to the equity narrative.