Strategy has devoted substantially more capital to repurchasing its own preferred shares than to expanding its Bitcoin holdings in recent months. From July 20 through September 13, the company spent $950.8 million on STRC share buybacks compared to $369.7 million on Bitcoin purchases, a ratio of approximately $2.57 in buyback spending for every $1 invested in Bitcoin.
The latest repurchase, disclosed in a September 14 filing, involved 1,420,467 STRC shares purchased between September 8 and 13 for $139.3 million, funded from the company's USD Cash balance. Across eight reporting periods through mid-September, Strategy repurchased approximately 9.96 million STRC shares. Bitcoin purchases were limited to August 24-30, when the company acquired 4,603 BTC.
Flexible cash versus designated reserves
The buyback spending draws on flexible USD Cash rather than the company's designated USD Reserve. As of September 13, Strategy held $1.3 billion in flexible cash available for discretionary purposes, while maintaining a separate $5.10 billion reserve designated for preferred dividends and debt interest. The July 27 buyback policy established that repurchasing shares below their $100 stated value could reduce future preferred-dividend obligations at a discount.
Earlier in the campaign, Strategy financed dividend and buyback obligations partly through Bitcoin sales. During late July and early August, the company sold approximately 3,328 BTC to fund these payments before shifting to cash-based repurchases.
Authorization and future activity
The board doubled the preferred-security repurchase authorization to $2 billion on September 8. Approximately $1 billion remained available as of mid-September, providing capacity for continued buybacks while Bitcoin purchases remain intermittent. As of September 13, Strategy held 845,050 BTC. The eight-week comparison does not necessarily indicate a permanent shift in the company's Bitcoin accumulation strategy.
