Overview
- Strategy repurchased about 9.96 million STRC shares for roughly $950.8 million between July 20 and September 13 to drive the preferred back toward its $100 stated amount.
- Most buyback cash came from sales of Strategy’s common stock, about $765 million, with roughly $161 million funded by Bitcoin sales according to company filings and Bloomberg.
- The board raised the preferred-securities repurchase authorization from $1 billion to $2 billion on September 8 and Strategy reported about $1.05 billion of remaining buyback capacity after the Sept. 8–13 transactions.
- STRC climbed from near $70 this summer to intraday highs near $99 and closed around $97.07, while management keeps the 12% annual dividend in place and says it will only consider new STRC issuance once the security sustains trading at par.
- Analysts warn the price may depend on continued corporate support, and the buybacks—which outpaced new Bitcoin purchases more than two-to-one during the period—raise questions about capital allocation and how trading will behave if Strategy reduces purchases.