Strategy Buys $82M in Bitcoin, Repurchases $188M of STRC

The scale of equity issuance to fund both bitcoin accumulation and STRC repurchases shows Strategy is effectively recycling its equity premium into its own capital structure, a move that leans heavily on MSTR's valuation holding up. The timing, just before MSCI names companies facing index removal, matters more than the purchases themselves: any index exclusion would hit the same equity source being used to fund these transactions. Whether MSTR can keep issuing stock on these terms, and how MSCI's decision lands, is the open question.