Strategy, the business intelligence and Bitcoin treasury company formerly known as MicroStrategy, repurchased $152 million of its STRC preferred stock and reached a 0.0% net leverage position. The transaction was funded with cash on hand and proceeds from recent capital markets activity, while the company’s U.S. dollar cash position increased by $29 million after the buyback. Strategy said its USD Duration, a measure of the average time until fixed-income obligations mature, rose to 4.0 years, up 23 days from the previous quarter. Its BTC Credit spread, a measure of perceived credit risk linked to STRC’s Bitcoin-backed structure, narrowed to 56 basis points, down three basis points. Strategy has held over 400,000 BTC as of early 2025, financing acquisitions through equity offerings, convertible notes and preferred stock. The company said the capital-structure changes support its long-term Bitcoin accumulation strategy, while the stronger cash position and longer debt maturity profile provide greater flexibility during market volatility.