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Strategy Inc. spent $139.3 million buying back its own preferred shares over a five-day stretch in September, choosing to clean up its balance sheet rather than add to its already massive Bitcoin pile.
The repurchases, which took place between September 8 and 13, targeted the company’s Variable Rate Series A Perpetual Stretch Preferred Stock, ticker STRC. Meanwhile, Strategy’s Bitcoin holdings stayed exactly where they were: 845,050 BTC, acquired at an average cost of roughly $75,412 per coin for a total investment of approximately $63.73 billion.
The buyback math
STRC shares were designed to trade near a $100 par value and carry a 12% dividend rate. By repurchasing shares trading below that $100 stated value, the company retires expensive equity at a discount and reduces the future dividend burden on its balance sheet.
The buybacks are part of Strategy’s Digital Credit Securities Repurchase Program, which the board recently expanded. The program’s total authorization was doubled to $2 billion in early September. As of September 7, roughly $1.19 billion of that authorization remained available.
Why the Bitcoin pause
Strategy did briefly resume buying in late August, but the broader trend since then has been one of restraint. With approximately $5.1 billion in USD reserves on hand, Strategy is sitting on a meaningful cash cushion.
The company’s board has formalized this cautious posture with a specific policy: maintain enough liquidity to cover at least 12 months of preferred dividends and interest payments. That figure comes out to approximately $1.76 billion annually.
A maturing treasury strategy
Strategy’s evolution over the past several years has been something of a case study in corporate Bitcoin adoption. The company, still widely known by its former name MicroStrategy, pioneered the idea of using corporate treasury funds to buy Bitcoin at scale. In June 2026, the firm unveiled a Digital Credit Capital Framework that shifted focus away from aggressive Bitcoin purchases, directing resources instead towards bolstering USD reserves, increasing the STRC dividend rate to 12%, and authorizing significant amounts in buyback programs.
The decision to double the repurchase program to $2 billion while keeping Bitcoin holdings flat tells a clear story about where management sees the best risk-adjusted returns right now. The remaining $1.19 billion in repurchase authorization gives the company room to continue retiring expensive equity if STRC shares continue trading below par.
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