Strategy Completes $139 Million Share Repurchase, Maintains Bitcoin Holdings
Strategy Buys Back $139M in Preferred Shares
Strategy repurchased 1.42 million STRC preferred shares for about $139.3 million last week. The company did not buy or sell any bitcoin, so its total holdings remain the same.
Key Facts from the SEC Filing
- The repurchase happened between September 8 and September 13.
- Strategy used its USD Cash reserve to fund the buyback.
- As of September 14, its USD Reserve was $5.1 billion and USD Cash was $1.3 billion.
- Total bitcoin holdings are 845,050 BTC, worth $65.7 billion at current prices.
Details from the Official Filing
According to an 8-K filing with the SEC, Strategy's Digital Credit Capital Framework guides its actions. This framework limits the USD reserve for preferred stock dividends and interest payments. The company has authorized a $2 billion repurchase program for digital credit securities, with STRC as a priority.
Strategy also has a $1 billion common stock buyback and a BTC Monetization Program that allows up to $5 billion in bitcoin sales to support its reserves and payments.
Bitcoin Holdings and Market Context
Strategy's bitcoin holdings are more than 4% of bitcoin's 21 million supply cap. The total acquisition cost is $63.7 billion at an average price of $75,412 per bitcoin, implying about $2 billion in paper gains.
The company's common stock fell 4.7% last week, closing at $130.97. Bitcoin dropped 3.9% during the same period. Strategy's stock is down about 71% from its 2025 peaks, with an enterprise multiple of 1.1.
Why This Matters for Strategy's Strategy
This repurchase is part of Strategy's ongoing capital management under its Digital Credit Capital Framework. The company is focusing on repurchasing its digital credit securities while maintaining its large bitcoin position. The steady holdings indicate a shift from frequent bitcoin acquisitions to other financial maneuvers.