Strategy prioritizes $950 million STRC buyback over expanding its Bitcoin treasury

Strategy’s latest $139.3 million repurchase of STRC variable-rate preferred shares has brought its spending on buybacks to about $950.8 million since July 20, more than twice what it spent acquiring Bitcoin over the same period.

The company’s Sept. 14 filing disclosed purchases of 1,420,467 STRC shares between Sept. 8 and Sept. 13, funded entirely from its USD Cash balance. Strategy neither bought nor sold Bitcoin and sold no shares through its at-the-market program during that reporting period.

Across eight reporting periods spanning July 20 to Sept. 13, Strategy repurchased approximately 9.96 million STRC shares. Its reported Bitcoin purchases were confined to Aug. 24-30, when it acquired 4,603 BTC for $369.7 million.

That puts STRC repurchase spending at roughly $2.57 for every $1 spent buying Bitcoin during the window.

Cash goes toward preferred shares

The latest purchases extend a pattern, when cumulative STRC spending stood at $811.5 million. Supporting the preferred shares draws on money that could also fund Bitcoin accumulation.

In its July 27 buyback policy, the company said repurchasing shares below their $100 stated amount could reduce future preferred-dividend requirements at a discount.