Analysis: Strategy spends 64% of its $2 billion STRC repurchase fund

Strategy has spent $1.28 billion, or 64%, of its $2 billion Digital Credit Securities Repurchase Program on STRC over 10 weeks. Monday's filing showed less than $724 million remaining. The program also permits repurchases of STRF, STRD and STRK, but Strategy has bought only STRC. Strategy has not stated an intended stable price for the other three stocks. Strategy intended STRC to maintain a $100 share price, but it has traded below $99 on most trading days over the past year. STRC also spent more than a month trading in the $70s and $80s per share. The purchases have helped lift STRC from below $72 per share in June to an opening price of $99.18 today. Strategy spent $151.7 million repurchasing STRC last week, six times its spending rate when the buybacks began. Strategy paid an average of $98.86 per STRC share last week, up from $86.52 in late July. Strategy has repurchased 13.3 million STRC shares, roughly one in eight outstanding shares. Strategy originally funded almost all of its STRC repurchases with proceeds from issuing MSTR common stock, which ranks below STRC. Michael Saylor introduced STRC in July 2025 as a perpetual preferred stock with a variable dividend. Saylor presented its yield as derived from bitcoin without bitcoin-style volatility. Saylor and Strategy's CEO likened STRC to a high-yield bank account or money market while emphasizing its dividends. Saylor expected bitcoin to rise approximately 30% a year and considered dividends of 9% to 12% manageable. Bitcoin has not risen at anything close to that annual rate over the past five years. Strategy's board raised STRC's dividend to 12% and authorized a $1 billion repurchase fund on June 29. Strategy's board doubled the authorization to $2 billion by September 8.