Strategy repurchases $139 million of STRC shares, leaves bitcoin holdings unchanged

Bitcoin (BTC) treasury company Strategy (MSTR) repurchased 1.42 million STRC preferred shares for around $139.3 million between Sept. 8 and Sept. 13, according to an 8-K filing with the Securities and Exchange Commission on Monday.

The firm said it funded the repurchases via its USD Cash reserve. As of Sept. 14, the balances of its USD Reserve and USD Cash were $5.1 billion and $1.3 billion, respectively.

Strategy did not buy or sell any bitcoin last week, leaving its total holdings unchanged at 845,050 BTC ($65.7 billion) for a second week in a row.

Strategy's holdings remain equivalent to more than 4% of bitcoin's 21 million supply cap, and imply around $2 billion of paper gains at current prices, with a total acquisition cost of $63.7 billion at an average purchase price of $75,412.

New Strategy

Strategy co-founder and Executive Chairman Michael Saylor has refrained from posting his usual Strategy bitcoin tracker chart update in recent weeks. Saylor's regular Sunday posts had historically been used to telegraph acquisition announcements ahead of time, but have become less common as the firm's strategy has varied, with its bitcoin holdings held steady of late.

Under its new Digital Credit Capital Framework, Strategy restricted its USD reserve to preferred stock dividends and interest payments, and authorized a $1 billion repurchase program for its digital credit securities, initially prioritizing STRC. That authorization was increased to $2 billion last week.

It also approved a $1 billion common stock buyback and later expanded its BTC Monetization Program to allow up to $5 billion in bitcoin sales to fund its reserve, dividends, interest payments, and securities repurchases under the framework.

According to Bitcoin Treasuries data, 197 public companies have adopted some form of bitcoin acquisition model. Tether-backed Twenty One, Metaplanet, MARA, and Adam Back and Cantor Fitzgerald-backed Bitcoin Standard Treasury Company make up the rest of the top 5, with 43,514 BTC, 43,000 BTC, 35,577 BTC, and 30,021 BTC, respectively.

The cohort's shares are down significantly from their 2025 peaks, as their market-cap-to-net-asset-value ratios sharply contracted. MSTR is still down around 71%, for example, with an enterprise mNAV of 1.1, according to the firm.

Strategy's common stock fell 4.7% last week, closing on Friday at $130.97. Bitcoin dropped 3.9% during the same period.

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