Strategy (NASDAQ: MSTR) bought no Bitcoin this week and instead spent $176.3 million repurchasing STRC, its variable-rate perpetual preferred stock. MSTR traded at $134, down 1.57% for the day. The move follows a roughly 10-week pause in Bitcoin purchases, after Strategy sold about 7,000 BTC at $59,000 to $64,000 before acquiring 4,603 coins at an average of $80,318 between August 24 and 30. The company raised STRC's annualized dividend rate from 11.50% to 12.00% and expanded its Digital Credit Securities Repurchase Program from $1.0 billion to $2.0 billion. About $1.19 billion remains available, while a separate $1.0 billion authorization to repurchase MSTR common stock remains unused. Strategy has spent roughly $811.5 million buying STRC since July, including $25.0 million disclosed in its Q2 2026 results. The purchases were funded with existing cash, leaving the $3.75 billion USD Reserve intact and avoiding additional MSTR dilution. CEO Phong Le said the program is intended to keep STRC trading between $99 and $100 over time through regular, disciplined repurchases. The strategy raises questions about whether management currently sees better value in reducing preferred-stock costs than in buying Bitcoin or common stock. Investors are also watching the MSCI consultation, which Michael Saylor and CEO Phong Le asked the index provider to withdraw in early September 2026. If Strategy continues buying preferred stock instead of Bitcoin, the company could increasingly be viewed as a capital-structure investment rather than solely a Bitcoin accumulation strategy.