Strategy spends more on the repurchase of STRC rather than purchasing Bitcoin.

Strategy, under Michael Saylor, spent more than six times its weekly budget for Bitcoin purchases on repurchasing one of its preferred stocks last week.

According to the 8-K filing submitted to the U.S. Securities and Exchange Commission on Monday, Strategy purchased 334 bitcoins (BTC) from Monday to Sunday, spending 28.7 million US dollars, which brought its holdings to exactly 848,000 BTC.

During the same period, Strategy repurchased approximately 1.77 million shares of STRC preferred stock, costing $176.3 million.

This capital allocation comes at a time when Strategy indicates that it will seek shareholder approval to make comprehensive adjustments to its preferred stock series dividend payment arrangements, which also highlights the increasingly important role of preferred securities in providing funding and managing its Bitcoin treasury strategy.

Strategy Promotes Preferred Stocks to Pay Dividends Daily

Strategy submitted another power of attorney on Monday, seeking approval to change the regular dividends of STRC, STRF, STRK, and STRD to be paid once per working day, replacing the current monthly payment schedule of STRC, as well as the quarterly payment schedule for the other three preferred stocks.

The company stated that this proposal will not change the dividend rate or overall payment obligations, but it may shorten the reinvestment delay and improve liquidity and price stability.

Shareholders will vote on this proposal at a special meeting to be held on October 28th. If approved, the daily dividend distribution for STRC will commence in November, while STRF, STRK, and STRD will follow suit in January.