Strategy allocates 2.3 × more cash to STRC buyback than to Bitcoin purchases

Strategy used existing cash to fund $174 million of STRC preferred‑share repurchases and $75.7 million of Bitcoin purchases during the period Sep 14‑20. No shares were sold through its at‑the‑market offering programs.

Breakdown of the $307.1 million outflow

• STRC repurchases: $174 million for 1,751,480 shares at an average price of about $99.34 per share.
• Bitcoin acquisition: $75.7 million for 950 BTC, average price $79,670 per coin, raising total holdings to 846,000 BTC.
• Dividends and interest: $57.4 million paid from the USD Reserve to cover preferred‑stock dividends and debt interest.

Impact on cash balances

USD cash fell from $1.30 billion to $1.05 billion, reflecting the $250 million spent on STRC and Bitcoin. The USD Reserve decreased from $5.10 billion to $5.04 billion after the dividend and interest payments.

Remaining repurchase capacity

After the latest transactions, $876 million remains available under the digital‑credit securities repurchase program, and the company retains authorization to repurchase up to $1 billion of common stock.

Bitcoin position value

With Bitcoin trading above $85,000, the 846,000 BTC held by Strategy is valued at roughly $71.9 billion, above the aggregate acquisition cost of $63.8 billion.