Strategy Repurchases $139M in STRC Shares as Bitcoin Holdings Stay Flat
Bitcoin treasury company Strategy repurchased approximately $139.3 million worth of its STRC preferred shares last week, choosing to focus on its capital structure while leaving its massive Bitcoin holdings unchanged.
According to an 8-K filing with the U.S. Securities and Exchange Commission on Monday, Strategy bought back 1.42 million STRC shares between Sept. 8 and Sept. 13. The company funded the purchases through its USD Cash reserve.
As of Sept. 14, Strategy reported $5.1 billion in its USD Reserve and another $1.3 billion in USD Cash.
Bitcoin Holdings Remain at 845,050 BTC
Strategy did not purchase or sell any Bitcoin during the week, keeping its holdings at 845,050 BTC for the second consecutive week. The company’s Bitcoin stash was worth approximately $65.7 billion at the prices cited in the report.
The holdings represent more than 4% of Bitcoin’s maximum supply of 21 million coins. Strategy’s total acquisition cost stands at around $63.7 billion, giving it an average purchase price of $75,412 per BTC.
At current prices, the company’s Bitcoin position carries roughly $2 billion in unrealized gains.
The pause in Bitcoin buying comes as Strategy puts more attention on managing its preferred securities and cash reserves. Co-founder and Executive Chairman Michael Saylor has also posted fewer of his usual Bitcoin tracker updates in recent weeks.
Saylor’s Sunday posts had often preceded announcements of new Bitcoin purchases. The reduced frequency comes as Strategy’s treasury approach shifts toward a wider mix of Bitcoin accumulation, preferred stock financing and capital management.
STRC Buybacks Take Priority Under New Framework
Strategy’s new Digital Credit Capital Framework limits the use of its USD Reserve to preferred stock dividends and interest payments. It also introduced a $1 billion authorization to repurchase digital credit securities, with STRC receiving initial priority.
That authorization was increased to $2 billion last week, giving the company more room to buy back its preferred shares.
Strategy has also approved a $1 billion common stock repurchase program. Separately, its BTC Monetization Program was expanded to permit up to $5 billion in Bitcoin sales to support reserve funding, dividends, interest payments and securities repurchases under the framework.
The latest STRC buyback suggests that Strategy is using its available cash to manage its preferred stock obligations and capital structure while holding its Bitcoin position steady.
Bitcoin Treasury Stocks Face Market Pressure
Strategy remains the largest corporate Bitcoin holder, but shares of Bitcoin treasury companies have suffered significant declines from their 2025 highs.
Data from Bitcoin Treasuries shows that 197 public companies have adopted some form of Bitcoin acquisition strategy. The other companies in the reported top five include Twenty One, Metaplanet, MARA and Bitcoin Standard Treasury Company.
Their reported Bitcoin holdings stand at 43,514 BTC, 43,000 BTC, 35,577 BTC and 30,021 BTC, respectively.
Strategy’s common stock closed Friday at $130.97 after falling 4.7% over the week. Bitcoin itself declined 3.9% during the same period.
Strategy’s enterprise market-cap-to-net-asset-value ratio, or mNAV, stood at 1.1, according to the company, while its shares remained around 71% below their 2025 peak.
The combination of a flat Bitcoin treasury, ongoing preferred share buybacks and lower equity valuations highlights the changing financial pressures facing corporate Bitcoin holders.