Strategy Repurchases $176M in STRC Shares, Doubles Program

Strategy repurchased $176.3M of STRC shares and doubled its buyback program to $2B, while maintaining its massive 845,050 BTC Bitcoin reserve.

Strategy has repurchased STRC shares totaling $176.3 million during the week ending September 7. Simultaneously, the firm doubled its “Digital Credit Securities” repurchase program, increasing the limit from $1 billion to $2 billion.

This move highlights how the world’s largest corporate Bitcoin holder is constructing a sophisticated capital structure around the cryptocurrency, utilizing dollar reserves and various series of preferred stock.

$176 Million Allocated to Shares Instead of Bitcoin

Between August 31 and September 7, Strategy bought back 1,810,885 STRC shares for $176.3 million. These purchases were funded through the company’s free cash flow rather than the specific reserve set aside for dividends and interest payments.

STRC, formally known as Variable Rate Series A Perpetual Stretch Preferred Stock, is a core component of the company’s capital-raising strategy, operating alongside its standard MSTR common stock.

Strategy aims to keep STRC trading near its $100 par value. When the price dips below this level, repurchasing shares allows the company to reduce future dividend obligations while supporting the market price. The firm previously utilized this tactic in July, purchasing $25 million worth of STRC at an average price of $86.52.

Following the expansion of the program to $2 billion, Strategy retains approximately $1.19 billion in authorized capital for future repurchases of its preferred securities.

Bitcoin Reserve Remains Unchanged

While Strategy was active in the STRC market, the company reported no purchases or sales of Bitcoin during the most recent week.

Its reserve remains at 845,050 BTC, acquired for a total of approximately $63.73 billion. The average purchase price stands at roughly $75,412 per token, accounting for all fees and expenses.

This position gives Strategy control over slightly more than 4% of the total 21 million BTC supply. At current market valuations, the holding is worth approximately $66 billion.

The pause in acquisitions does not signal a shift in its Bitcoin strategy. During a capital framework presentation in June, Michael Saylor affirmed that BTC remains the company’s primary reserve asset, while dollar liquidity and internal securities management are used to optimize the broader capital structure.

Strategy Now Holds $6.5 Billion in Cash

Another significant development is the accumulation of a substantial cash buffer.

As of September 7, Strategy holds a $5.10 billion dollar reserve, primarily earmarked for preferred stock dividends and debt interest. Additionally, the company maintains $1.44 billion in flexible cash that can be deployed for Bitcoin purchases, repurchases, or other capital operations.

The distinction between these two pools is critical. The recent STRC repurchases were funded by the flexible cash reserve, leaving the $5.10 billion reserve intact to service existing financial obligations.

Saylor Builds a Second Capital Layer Around Bitcoin

Strategy began its journey by accumulating BTC through debt and equity issuance, but its financial model has evolved to include a suite of preferred instruments—STRC, STRF, STRD, and STRK. While the buyback program can cover all of these, STRC remains the current priority.

The company also holds a separate, unused authorization to repurchase up to $1 billion of MSTR common stock as of September 7.

The balance between Bitcoin and the company’s own securities has become the new benchmark for Strategy’s capital policy. When STRC trades at a significant discount, the company has a clear economic incentive to prioritize buybacks; conversely, favorable crypto market conditions are likely to bring BTC acquisitions back to the forefront.