Strategy has spent roughly $950.8 million repurchasing STRC variable-rate preferred shares since July 20, more than double the amount directed toward Bitcoin acquisition during the same window.
A Sept. 14 filing showed the company purchased 1,420,467 STRC shares from Sept. 8 through Sept. 13, drawing solely from its USD Cash balance. No Bitcoin was bought or sold, and no shares changed hands through the at-the-market program in that period.
Over eight reporting periods from July 20 to Sept. 13, Strategy bought back roughly 9.96 million STRC shares. Bitcoin purchases were limited to Aug. 24-30, totaling 4,603 BTC for $369.7 million.
That ratio translates to roughly $2.57 in STRC repurchases for every $1 spent on Bitcoin.
Cash goes toward preferred shares
The latest round of purchases extends a broader trend: cumulative STRC spending had already reached $811.5 million. Funding preferred shares diverts capital that could otherwise bolster the Bitcoin treasury.
Under its July 27 buyback policy, repurchasing shares below the $100 stated value could lower future preferred-dividend obligations at a discount.
Management had expected buybacks to taper as STRC neared $100, though timing and volume remain discretionary. The policy provides a rationale for deploying capital into its own securities even when it does not expand the Bitcoin reserve.
Earlier, Bitcoin sales helped cover those obligations. From July 27 to Aug. 2, Strategy sold 1,638 BTC, allocating $52.4 million to preferred dividends and $52.3 million to STRC buybacks.
The next week, it sold an additional 1,690 BTC for $108.6 million, directing the proceeds to STRC repurchases.
The separation between Strategy’s two dollar pools is significant. As of Sept. 13, flexible USD Cash totaled $1.3 billion, while a separate USD Reserve of $5.10 billion was earmarked for preferred dividends and debt interest.
Per the July 27 policy, that reserve could not be used for STRC buybacks.
As of Sept. 13, Strategy still held 845,050 BTC. While the buybacks compete with further accumulation, the eight-week window does not signal a permanent shift in its Bitcoin strategy.
The board doubled the preferred-security repurchase authorization to $2 billion on Sept. 8, counting prior purchases. Roughly $1 billion remained available as of Sept. 13, leaving Strategy room to keep supporting its preferred shares even as Bitcoin buying stays intermittent.
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