Strategy bought 334 Bitcoin for $28.7 million last week while spending $176.3 million to repurchase about 1.77 million shares of STRC.

Michael Saylor’s Strategy last week spent more than six times its weekly Bitcoin buying budget on its repurchases of one of its preferred stocks.

Strategy bought 334 Bitcoin (BTC) for $28.7 million between Monday and Sunday, bringing its holdings to exactly 848,000 BTC, according to a Monday 8-K form filing with the US Securities and Exchange Commission.

Over the same period, Strategy repurchased about 1.77 million shares of its STRC preferred stock for $176.3 million.

The capital allocation comes as Strategy said it will seek shareholder approval to overhaul dividend payments across its preferred-stock lineup, highlighting the growing role of its preferred securities in funding and managing its Bitcoin treasury strategy.

Strategy filed a separate proxy Monday seeking approval to pay regular dividends on STRC, STRF, STRK and STRD every business day, replacing STRC’s twice-monthly schedule and quarterly payments on the other three preferred stocks.

The company said the proposal would not change dividend rates or its overall payment obligations, but could shorten reinvestment delays and improve liquidity and price stability.

Shareholders will vote on the proposal at a special meeting on Oct. 28. If approved, STRC’s daily schedule would start in November, while STRF, STRK and STRD would follow in January.

Strategy’s Bitcoin holdings rose just 0.2% during the third quarter, as sales offset most of its purchases during the period.

The company acquired 7,218 Bitcoin during the quarter while selling 5,553 BTC, leaving it with 847,666 BTC at the end of September, up from 846,000 BTC at the end of June.

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