At the end of June, Strategy announced an overhaul of its financing model, which had for years underpinned its Bitcoin-buying efforts. The shift gave management broader flexibility to sell Bitcoin, repurchase securities and preserve liquidity. Since the announcement was made, Strategy has sold Bitcoin and last week said that it had for the first time bought back a portion of the STRC preferred stock, which was designed to trade near or at par. Strategy still holds some $56 billion in Bitcoin, making it the largest corporate holder of the token. Most Read from Bloomberg Businessweek©2026 Bloomberg L.P.