Strategy kept its massive Bitcoin treasury unchanged for a second straight week while spending $139.3 million to repurchase its own STRC preferred shares.
The company bought 1.42 million STRC shares between September 8 and September 13, according to its latest regulatory filing. It funded the purchases with USD Cash rather than selling Bitcoin.
As of September 13, Strategy held 845,050 BTC. The company acquired those coins for about $63.73 billion, giving it an average purchase price of roughly $75,412 per Bitcoin.
STRC Buyback Gains Momentum
Strategy’s latest move extends a shift toward managing its preferred-stock capital structure while Bitcoin purchases remain paused.
The company repurchased $176.3 million of STRC during the previous reporting period. Its board also doubled the authorization for its Digital Credit Securities Repurchase Program from $1 billion to $2 billion.
Strategy launched the buyback strategy because STRC has traded below its $100 stated amount. Buying the preferred shares at a discount can reduce the company’s future dividend obligations.
STRC currently carries a 12% annualized dividend rate. Strategy has said it intends to purchase more shares when the preferred stock trades at deeper discounts and reduce the pace as the price approaches $100.
Capital Allocation Enters a New Phase
The latest transactions highlight a different capital-allocation priority from Strategy’s traditional Bitcoin accumulation strategy.
The company still maintains one of the largest corporate Bitcoin holdings in the world. However, its recent filings show that management is also using available cash to strengthen its preferred-stock structure.
Strategy reported about $5.1 billion in USD Reserve and $1.3 billion in USD Cash as of September 14. The USD Reserve is intended to support preferred dividends and interest payments, while USD Cash can support broader treasury and capital-management activities.
For now, Bitcoin remains the centerpiece of Strategy’s balance sheet, but the latest figures show the company is willing to prioritize discounted STRC repurchases when market conditions make them attractive.
