Strategy has spent $635.2 million repurchasing its STRC perpetual preferred stock as the security remains below its $100 par value despite recovering from a low near $71. The latest buyback totaled $151.8 million for 1.56 million shares at an average $97.48, while STRC traded at $97.34. Strategy also resumed Bitcoin purchases after a roughly 10-week pause, acquiring 4,603 BTC for $369.7 million at an average $80,318 per coin and taking its holdings to 845,050 BTC. The transactions were funded largely through the sale of 4.53 million MSTR shares, which generated $602.8 million in net proceeds. Strategy’s Digital Credit Capital Framework authorized $1 billion for preferred-stock repurchases, raised STRC’s annualized dividend rate to 12% and included a separate authorization to sell up to $1.25 billion of Bitcoin if needed. Competition has emerged from Strive’s SATA preferred stock, which carries a 13% annualized dividend paid daily and has remained near its $100 par value, compared with STRC’s twice-monthly payments. Strive’s ASST has gained roughly 60% in 2026, while Strategy’s MSTR has declined about 15%.