Strategy spent three times more on preferred buybacks than on bitcoin
- —Bought 3,466 BTC for about $290 million over five weeks
- —Spent roughly $890 million on preferred stock buybacks
- —Buyback program limit raised to $30 billion from $20 billion
- —Cash reserves fell to $447.3 million from $1.3 billion
Why it matters: Strategy is now spending more to support its preferred stock than to accumulate bitcoin, weakening its role as a major driver of BTC demand.
Source: Bloomingbit