Strategy prioritizes $950 million STRC buyback over expanding its Bitcoin treasury

Strategy has spent roughly $950.8 million on repurchasing its STRC variable‑rate preferred shares since July 20, more than double the $369.7 million it allocated to buying Bitcoin in the same period.

Buyback activity

The latest $139.3 million repurchase, filed on September 14, covered 1,420,467 STRC shares bought between September 8 and September 13 using only the company’s USD cash balance. Across eight reporting periods from July 20 to September 13, Strategy repurchased about 9.96 million STRC shares.

Bitcoin purchases

Strategy’s only Bitcoin purchases in the window occurred from August 24‑30, when it acquired 4,603 BTC for $369.7 million. No Bitcoin was bought or sold during the September 8‑13 reporting period.

Spending ratio

During the eight‑week span, Strategy spent roughly $2.57 on STRC buybacks for every $1 spent on Bitcoin.

Funding sources

• USD cash balance: $1.3 billion (flexible pool)
• USD reserve: $5.10 billion (designated for preferred dividends and debt interest, not authorized for buybacks)

Policy background

The July 27 buyback policy allows repurchasing shares below their $100 stated amount to reduce future preferred‑dividend obligations. Management expects purchases to taper as the share price approaches $100, but timing remains discretionary.

Recent sales supporting buybacks

Earlier in the campaign, Strategy sold Bitcoin to fund preferred‑dividend payments and STRC repurchases: 1,638 BTC generated $52.4 million for dividends and $52.3 million for buybacks (July 27‑Aug 2), and 1,690 BTC generated $108.6 million for additional buybacks the following week.

Current holdings and authorization

As of September 13, Strategy held 845,050 BTC. The board increased the repurchase authorization to $2 billion on September 8, leaving about $1 billion still available for future STRC buybacks.