Strategy executes record $205 million STRC buyback as Bitcoin treasury firms diverge in capital deployment

Strategy executed a record $204.9 million buyback of 2.07 million STRC preferred shares last week, extending its repurchase campaign to over $2 billion since July. The Saylor-led firm paused Bitcoin purchases for the first time since mid-September, leaving its holdings at 848,517 BTC. Meanwhile, Strive accelerated its Bitcoin accumulation, highlighting a divergence in capital allocation between the two treasury firms. Strategy's unrestricted USD cash balance fell 84.8% to $242.4 million, reflecting the scale of the buyback.