Strategy Repurchases $139.3 Million of STRC Preferred Shares, Bitcoin Holdings Unchanged at 845,050 BTC
Strategy repurchased approximately $139.3 million of its STRC preferred shares last week, buying back roughly 1.42 million shares between September 8 and September 13, while leaving its Bitcoin treasury completely untouched for a third consecutive week. The company’s holdings remain fixed at 845,050 BTC, a stack now worth close to $65.7 billion at current prices, according to an 8-K filing disclosed Monday.
The repurchase was funded out of Strategy’s USD cash reserve rather than through any new debt or equity issuance, continuing a pattern the company has followed for several weeks running: rather than adding fresh Bitcoin to the balance sheet, management has been directing capital toward supporting STRC, the perpetual preferred stock it uses as one leg of its financing stack. Michael Saylor has said publicly that the objective is for STRC to trade near its $100 par value with high liquidity and low volatility, and the company has signaled it will keep buying back shares below that level to defend it. Over the past three weeks, Strategy has now put roughly $455 million into STRC buybacks combined.
Skipping Bitcoin purchases for three straight weeks is unusual for a company whose entire public identity is built around accumulating BTC, and it’s drawn attention precisely because of that contrast. Nothing in the filing suggests a change in long-term strategy — Strategy still holds close to 4% of Bitcoin’s total circulating supply and has repeatedly framed BTC sales or pauses as tactical rather than a retreat from its accumulation thesis. But the extended pause does underline that the company’s capital allocation now runs through several channels beyond simple spot purchases, with STRC’s price stability treated as its own priority alongside stacking more coins.
Saylor has used a nearly identical weekly-update format on X for months, disclosing BTC and USD reserve changes alongside STRC repurchase totals each Monday; the post above, from a prior week, shows the same 845,050 BTC figure and illustrates the recurring disclosure pattern, though the exact post confirming this week’s $139.3 million figure could not be independently verified at publication. Strategy’s net leverage has held at roughly 0.0% through this stretch, a metric the company has increasingly emphasized as evidence its financing structure remains conservative even while it sits on tens of billions of dollars in unrealized Bitcoin gains.
Whether Strategy resumes outright BTC buying in the coming weeks or keeps prioritizing STRC support will depend largely on market pricing for the preferred shares themselves — a dynamic Bitcoin holders watching the company’s every move will keep tracking closely regardless of which side of the ledger gets the capital.
Bitcoin and equity markets are volatile; nothing here is investment advice, and Strategy’s capital allocation can change without notice. For background on how corporate Bitcoin treasuries work, see coin680’s Bitcoin Academy.