Strategy doubles STRC buyback to $2 billion to restore $100 value

Strategy doubled its preferred-stock repurchase authorization to $2 billion to support STRC's return to its $100 stated value. The board approved the increase on Tuesday. STRC traded around $97 to $98 that day. The price remained roughly 2% below its stated value. Between Aug. 31 and Sept. 7, Strategy bought 1.81 million STRC shares for $176.3 million. Cumulative spending since July reached roughly $811.5 million. About $188.5 million would have remained under the original $1 billion authorization. The expanded program leaves Strategy with $1.19 billion available. Strategy initially planned to reduce its purchases as STRC approached $100. STRC had traded near $71 before the campaign began. The company spent $25 million in the first week at an average price of $86.52. The latest $176.3 million purchase was the campaign's largest. Sept. 8 became an informal milestone after Michael Saylor compared STRC's recovery with the roughly 70 trading days it initially needed to rise from $90 to $100. During the previous reporting period, Strategy raised $602.8 million through MSTR sales. The company spent $151.8 million on STRC repurchases during that period. The company also bought 4,603 Bitcoin for $369.7 million. In the latest week, Strategy sold no shares through its at-the-market program. The company bought no Bitcoin during that week. Strategy funded the $176.3 million STRC repurchase from its USD Cash balance. The USD Cash balance stood at $1.44 billion at period-end. Strategy says that cash can fund Bitcoin purchases, its USD Reserve, capital structure management, and other Bitcoin treasury company purposes. The separate USD Reserve stood at $5.10 billion. Strategy owned 845,050 Bitcoin as of Sept. 7. The company acquired that Bitcoin for $63.73 billion at an average price of about $75,412. Strategy has a policy against issuing additional STRC below its $100 stated value. A sustained return to $100 would allow Strategy to issue additional preferred shares again. STRC's initial 2025 offering expanded from an expected 5 million shares to more than 28 million. The offering raised about $2.52 billion. STRC later reached a market value of roughly $10 billion. Sept. 8 was not a contractual deadline. The expanded authorization indicates that the final stage of STRC's recovery may require more balance-sheet support than Strategy initially expected.