Strategy buys back $132M in STRC; Bitmine adds 9,926 ETH

The notable signal is the divergence in corporate treasury behavior: Strategy is retiring preferred equity while aggregate listed-firm BTC buying collapses, suggesting balance-sheet repair is taking priority over accumulation. Meanwhile, Bitmine's continued ETH additions and Norway's record indirect BTC exposure show that exposure to digital assets is broadening beyond the leveraged corporate-treasury model. Whether that rotation persists, or the sovereign and miner-side demand proves a partial offset to fading corporate bids, is the open question.