Strategy said it neither bought nor sold Bitcoin in the week ended July 26, leaving holdings unchanged at 843,775 BTC for a fifth consecutive week, while shifting more capital toward supporting its preferred-stock financing structure. The company generated $544.5 million in net proceeds by selling 5,429,160 MSTR shares through its at-the-market program, repurchased 288,930 STRC shares for about $25 million at an average price of $86.52, and raised its USD reserve by $525 million to roughly $3.75 billion. The repurchase was the first disclosed use of a $1 billion preferred-stock repurchase program approved last month and came as STRC, which carries a 12% annualized dividend rate, traded well below its $100 stated amount after falling below $77 over the past month and recovering to around $88. Michael Saylor said Strategy intends to be a regular, disciplined buyer of STRC below $100, with purchases increasing as the discount widens and tapering as shares approach their stated amount, and said repurchases will be funded outside the USD reserve, including through MSTR or BTC sales depending on market conditions. Chief Executive Phong Le said buying back STRC below $100 can reduce future preferred dividend obligations while retiring the securities at a discount. Strategy said about $975 million remains under its Digital Credit Securities Repurchase Program, while the USD reserve is dedicated to preferred dividends and debt interest and is enough to cover about 25 months, or 2.1 years, of expected preferred-stock dividend payments. Despite the recent pause in buying, Strategy remains the largest public holder of Bitcoin, with 843,775 BTC acquired at an average purchase price of $75,476 per Bitcoin, or $63.69 billion.