Strategy, Michael Saylor's BTC treasury company, has expended 64% of its $2 billion Digital Credit Securities Repurchase Program in an effort to support STRC share prices. After 10 weeks of repurchases, the company has spent $1.28 billion and retained less than $724 million as of Monday's filing.
STRC, introduced in July 2025 as a perpetual preferred share paying variable dividends, was pitched to sustain a $100 per share price. However, the stock has traded below $99 on the majority of trading days over the past year and spent more than a month trading in the $70s and $80s range before recent buying pressure drove prices higher.
Buyback Acceleration
Strategy spent $151.7 million repurchasing STRC last week alone, a rate six times higher than when the program began. The average price paid has also climbed, reaching $98.86 per share last week compared to $86.52 in late July.
The program has repurchased approximately 13.3 million shares of STRC, representing roughly one in eight outstanding shares. While the $2 billion fund technically authorizes repurchases of three other Strategy stocks—STRF, STRD, and STRK—all repurchases to date have been limited to STRC.
Funding Through Common Stock Dilution
Strategy has funded these repurchases primarily through the dilution of MSTR, its common stock, which is junior to STRC in the capital structure. The company's board authorized the initial $1 billion buyback fund on June 29, then doubled it to $2 billion on September 8.
STRC pays a variable dividend marketed at 9-12%, pitched as deriving yield from Bitcoin exposure without comparable volatility. The dividend was increased to 12% as Bitcoin's performance fell short of projections underlying the original share structure.
