Strategy’s Bitcoin War Chest Remains Untouched While Repurchasing $139 Million of STRC

Strategy Inc., the largest corporate holder of bitcoin, announced a $139 million buyback of its variable‑rate perpetual preferred stock (STRC) while leaving its 845,050 BTC treasury unchanged.

Buyback Details

Founder Michael Saylor posted on X that the repurchase was completed during the period Sept 8‑13, 2026. The company filed an 8‑K with the SEC confirming that no bitcoin was bought or sold and no shares were issued under its at‑the‑market offering program during that week.

Why STRC Matters

STRC is collateralized by Strategy’s bitcoin and U.S. dollar reserves and pays a cash dividend. When STRC trades above its $100 par value, Strategy can issue new shares, raise capital, and use the proceeds to purchase additional bitcoin. Buying the stock below par reduces the effective valuation and future dividend obligations, but the goal is for the price to rise back toward $100, allowing another round of capital raises.

Current Treasury Position

• Bitcoin holdings: 845,050 BTC
• U.S. dollar assets: $6.4 billion
• USD duration: 3.9 years
• STRC BTC credit: 57 bps (based on assumptions of 10 % BTC ARR, 40 % BTC volatility, and a BTC price of $77,266)

Recent Bitcoin Activity

The last bitcoin purchase by Strategy was on Aug 31, 2026, when the firm added 4,603 BTC to its treasury.