Strategy Buys Back $139 Million of STRC, Bitcoin Stack Frozen for Second Week

Strategy repurchased 1,420,467 shares of its STRC preferred stock for $139.3 million during the week of September 8–13, the company disclosed in an 8-K filed with the SEC on Monday. The outlay was funded entirely from the firm’s USD Cash pool, and it represented a slowdown from the roughly $176.3 million spent the prior week after the board doubled the repurchase authorization for its digital credit securities program to $2 billion.

The company did not transact any Bitcoin during the period, leaving its crypto treasury unchanged at 845,050 BTC for the second consecutive week. Strategy reports that this bitcoin stake cost $63.73 billion in aggregate, at an average purchase price of $75,412 per coin inclusive of fees.

Other repurchase authorizations were unused: no STRF, STRK, or STRD preferred shares were repurchased, and the $1 billion authorization for MSTR common stock buybacks remained untouched. Following the STRC repurchase, Strategy’s USD Cash balance fell to $1.30 billion as of September 13 (from $1.44 billion a week earlier), while the USD Reserve — which supports preferred dividends and interest payments — stood at $5.10 billion.

On its internal credit dashboard, Strategy values STRC’s BTC Credit spread at roughly 57 basis points under assumptions that include a 10% annualized bitcoin return, 40% volatility and a bitcoin price near $77,266, placing the security inside the company’s own investment-grade threshold (below 150 basis points). The dashboard also reports an aggregate bitcoin reserve valued at $66.2 billion, with a blended breakeven annualized return of 2.48% and a duration of 40.3 years. Separately, Strategy is monitoring an MSCI consultation that closes September 30 and whose decision — due October 16 — could exclude non-operating companies like Strategy from certain global equity benchmarks, a change that might affect passive fund flows tied to index weighting.