Strategy repurchases $174M in STRC shares as total buybacks cross $1.12B

Strategy has repurchased approximately $174 million worth of its Variable Rate Series A Perpetual Stretch Preferred Stock, known by its ticker STRC, pushing the company’s cumulative buybacks under that program past $1.12 billion. The news sent STRC up 11.9%, a meaningful single-session move for a preferred share that is supposed to be the boring, stable part of a company’s capital stack.

The repurchase was disclosed around September 21, 2026, and was funded through cash reserves rather than Bitcoin sales, which is a point Strategy clearly wants investors to notice.

How the buyback program got here

Strategy launched what it calls its Digital Credit Securities Repurchase Program on June 29, 2026, with an initial authorization of $1 billion. The program was doubled to $2 billion authorization around September 8, 2026, leaving roughly $1.19 billion still available for future repurchases after the latest transaction.

The core logic of the program is straightforward: STRC has a par value of $100 per share, and when it trades below that level, buying it back at a discount is mathematically accretive. Every share retired below par effectively captures the spread between the market price and face value as a gain for the company.

Recent weekly buyback figures give a sense of the pace Strategy has set. The week ending September 7 saw $176.3 million spent on 1.81 million STRC shares. The week ending August 30 added another $152 million. The $174 million from the latest disclosure continues that cadence.

STRC pays a 12% annual dividend, a rate that took effect July 1, 2026.

Where the cash is coming from

None of these buybacks have required selling Bitcoin. Strategy has been explicit that its USD reserve, which reached approximately $5.1 billion by early September 2026, is kept separate from its Bitcoin treasury and is earmarked to cover preferred dividends, interest obligations, and exactly this kind of opportunistic repurchase activity.

The broader buyback framework also includes a separate authorization covering common stock repurchases, though STRC has been the primary focus of capital deployment within this program.

What investors should watch

The doubling of the program authorization from $1 billion to $2 billion, decided just two weeks before this latest repurchase, is the more significant signal. With $1.19 billion still authorized and a company that has been spending $150 million to $176 million per week, there is a clear runway for continued support of the share price.

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