{"id":"1792710072869-money-segment","slug":"strategy-s-193m-preferred-buyback","title":"Strategy's $193M Preferred Buyback","summary":"Strategy announced on Monday that it bought 267 BTC for about $22.1 million between Oct. 12 and 18, and repurchased roughly $193.1 million of its STRC preferred stock in the same period.","publishedAt":"2026-10-22T23:01:12.869Z","channel":{"id":"money","name":"Oncast Money","language":"en"},"show":"Money Tonight","verification":{"status":"verified","leadVerdict":"TRUE","notes":"TRUE: Strategy announced on Monday that it bought 267 BTC for about $22.1 million between Oct. 12 and 18, and repurchased roughly $193.1 million of its STRC preferred stock in the same period.\nSource: [decrypt.co](https://decrypt.co/381302/strategy-buys-22m-in-bitcoin-buys-back-193m-of-strc) NAMES: STRC = Strategy's Variable Rate Series A Perpetual Stretch Pr (https://x.com/timoassi/status/2112404832094994521)","claims":[{"verdict":"TRUE","summary":"Strategy announced on Monday that it bought 267 BTC for about $22.1 million between Oct. 12 and 18, and repurchased roughly $193.1 million of its STRC preferred stock in the same period.","sourceName":"[decrypt.co](https://decrypt.co/381302/strategy-buys-22m-in-bitcoin-buys-back-193m-of-strc) NAMES: STRC = Strategy's Variable Rate Series A Perpetual Stretch Pr","sourceUrl":"https://x.com/timoassi/status/2112404832094994521","claim":"Happy Tuesday all! If you missed the past 24 hours in crypto and stocks, here's your full recap: 🚨 Major Headlines & Market Moves 🚨 - Michael Saylor's Strategy bought 267 $BTC for $22.1M, while spending $193.1M buying back its STRC preferred stock. - Strive bought 1,223 htt","author":"Timothy 🟢 | Panic Drop (@timoassi)"}]},"sources":[{"url":"https://x.com/timoassi/status/2112404832094994521","name":"[decrypt.co](https://decrypt.co/381302/strategy-buys-22m-in-bitcoin-buys-back-193m-of-strc) NAMES: STRC = Strategy's Variable Rate Series A Perpetual Stretch Pr","kind":"x","verdict":"TRUE","author":"Timothy 🟢 | Panic Drop (@timoassi)"}],"url":"https://oncast.fm/story/1792710072869-money-segment-strategy-s-193m-preferred-buyback","listenUrl":"https://oncast.fm/c/money","attribution":{"publisher":"Oncast","site":"https://oncast.fm","url":"https://oncast.fm/story/1792710072869-money-segment-strategy-s-193m-preferred-buyback","cite":"Cite https://oncast.fm/story/1792710072869-money-segment-strategy-s-193m-preferred-buyback and the original source links. Fact-check by Oncast (oncast.fm)."},"hostsSaid":[{"host":"Adam","text":"Michael Saylor's Strategy is back buying Bitcoin again, and this time it's a two-part story."},{"host":"Bill","text":"Two-part? He either bought or he didn't."},{"host":"Adam","text":"He bought the dip, sure. 267 Bitcoin for about $22 million. But the more interesting number is $193 million."},{"host":"Bill","text":"That's a lot of money for a company that's supposed to be a Bitcoin treasury."},{"host":"Adam","text":"Exactly. That $193 million went to buy back their own preferred stock, the STRC shares."},{"host":"Bill","text":"So a company that preaches \"Bitcoin is the best asset in the world\" just spent nine times more on its own preferred stock than on Bitcoin."},{"host":"Adam","text":"Look, the preferred pays a dividend. It's a different part of the capital structure. They're managing a balance sheet."},{"host":"Bill","text":"They're sending a message. When you buy back your preferred, you're saying you think that yield is more valuable than the upside of Bitcoin right now."},{"host":"Adam","text":"Or they're just cleaning up the capital stack while Bitcoin consolidates. It's been rangebound for weeks."},{"host":"Bill","text":"No, no, wait— this is the core tension with Strategy. Saylor's entire pitch is that Bitcoin goes up forever. But when it comes time to write a check, a huge chunk went to a fixed-income instrument."},{"host":"Adam","text":"That's a fair read, but the preferred was issued to buy Bitcoin in the first place. Buying it back just reduces leverage."},{"host":"Bill","text":"Reduces leverage, or reduces conviction? I think it's a hedge, and honestly, it's smart."},{"host":"Adam","text":"Wait, so you're actually defending the buyback?"},{"host":"Bill","text":"No, I'm mocking the narrative. You can't say Bitcoin is the only asset that matters and then quietly buy back $193 million of preferred. Pick a lane."},{"host":"Adam","text":"The lane is running a company with a stock price that tracks Bitcoin. If the preferred trades below par, buying it back is just good math."},{"host":"Bill","text":"But Saylor built a religion around HODLing. This is a crack in the sermon. A $193 million crack."},{"host":"Adam","text":"I'll give you this: it's a story the bulls don't want to talk about. The 267 Bitcoin is fine — it's the $193 million they'll skim past."},{"host":"Bill","text":"They always do. The recap bros will post \"Strategy buys $22M BTC\" and the reply guys will cheer. Nobody mentions the preferred."},{"host":"Adam","text":"Speaking of recaps nobody checks — there's an account on X running a story about BlackRock filing a third Bitcoin ETF with downside protection."},{"host":"Bill","text":"Another one? They have IBIT, they filed for a buffered version, now a third?"},{"host":"Adam","text":"The account, Neome, is listing it as breaking news. Also claims Tether's CEO says Iran-linked USDT volumes fell 94 percent."},{"host":"Bill","text":"I couldn't find any official filing or statement backing those up. Smells like an aggregation account throwing headlines at the wall."},{"host":"Adam","text":"The downside protection idea is real — BlackRock did file for a buffered ETF. But the third one and the Tether Iran number? No confirmation yet."},{"host":"Bill","text":"And that's the problem with these \"breaking news, no repeats\" accounts. No repeats, but also no verification."},{"host":"Adam","text":"The Telegram market feed also quotes him on whether he'd endorse JD Vance in 2028. Trump says \"where did you get that idea? I never even thought of it.\""},{"host":"Bill","text":"Classic. Not a no, not a yes. Just \"I never even thought of it.\" Keeps everyone guessing."},{"host":"Adam","text":"And that's the political machine running alongside the market machine. Both are watching every word."},{"host":"Bill","text":"Meanwhile, the crypto reply guys are arguing about whether Saylor's $193 million buyback means he's bullish or bearish. Probably both, depending on the hour."},{"host":"Adam","text":"That's the show right now — a Bitcoin treasury buying back preferred stock, and a president who never even thought of it."},{"host":"Bill","text":"And a bunch of crypto aggregators making up headlines to fill the gap. It's a Thursday."}]}