The largest corporate bitcoin holder used its weekly update to report a $205M buyback of its STRC preferred stock instead of adding BTC. Holdings stayed flat at 848,517 BTC as of October 25.

The week before, Strategy bought only 267 BTC for $22.1M while repurchasing $193M of STRC, so buybacks now outweigh bitcoin purchases two weeks in a row.

Strategy now holds 848,517 BTC and $5.1B in USD assets.

The shift matters for the market: Strategy has been the single biggest steady buyer of BTC, and a pause in its accumulation removes a key source of spot demand.