Strategy's $139 million preferred buyback captured about $2.7 million of discount to par
Strategy's second straight week of buying its own preferreds cost $139.3 million and captured roughly $2.74 million of discount to the $100 stated value. The cash pool that funded it held $1.30 billion on September 13.
The Investor · Invest desk
What happened
- An 8-K filed on September 14 shows Strategy spent $139.3 million buying back its own STRC preferred stock during the week of September 8 to 13.
- Its bitcoin holdings sat at 845,050 coins for a third straight week, unchanged since the 4,603 coins bought for nearly $370 million disclosed on August 31.
- STRC last closed at $98.64, under the $100 stated value, and management counts repurchases below that mark as accretive because they cancel future dividend obligations.
- The money came from the USD Cash pool, which held $1.30 billion on September 13, separate from the $5.10 billion USD Reserve earmarked for preferred dividends and debt interest.
- The filing leaves $1.05 billion available under the doubled $2 billion preferred repurchase ceiling and $1.0 billion authorised against MSTR common stock.
Why it matters
- What it limits constraint At last week's rate the flexible dollar pool funds roughly nine more weeks of preferred buying, so sustaining it requires either new issuance or a raid on the dividend reserve.
- Who has to decide decision The same cash now has three authorised uses: coins near the implied mark, discounted preferreds, or the $1.0 billion earmarked for common at $130.97.
- Who's exposed exposure STRC holders are told they hold senior credit with no direct claim on the coins, and those coins are about 3.6% above what Strategy paid for them.
- What it sets up precedent The company at the top of a 197-name list of public bitcoin accumulators has spent two weeks retiring its own paper, which gives every imitator a template for what to do at a discount.
Next story · Invest · 4d ago
Strategy puts nearly nine dollars into retiring STRC for every dollar of new bitcoinConfirmed8 publishers
The week before, Strategy paid $176.3 million for 1,810,885 STRC shares, an average of $97.36 [6][24]. The latest 1,420,467 shares came out at $98.07 [2][17]. So the price is rising as the discount closes, by 71 cents a share in a week [25], and the $1.93 gap to the $100 stated value is worth about $2.74 million on the week, or 1.97 cents on every dollar spent [18].
Two weeks of this comes to $315.6 million [19], all of it out of the flexible dollar pool [4]. At $139.3 million a week that pool covers about nine more weeks [21]. The bigger reserve, $5.10 billion, is 3.9 times its size and earmarked for preferred dividends and debt interest [5][27]. Across the same two weeks Strategy sold nothing under its at-the-market equity program and left MSTR common alone [11].
The case for buying paper instead of coins sits in the marks. Bitcoin Treasuries puts the 845,050 coins at about $66 billion against $63.73 billion of cost, roughly 3.6% above the average $75,412 paid [3][23], which implies about $78,100 a coin [22]. Saylor's own credit dashboard runs on an assumed bitcoin price of $77,266, about 2.5% over that average cost [12][28]; he posted on September 14 that STRC's "BTC Credit" stood at 57 basis points and its USD duration at 3.9 years [12].
Set against the balance sheet the buyback is small. At that implied mark, $139.3 million is about 1,780 coins, a fifth of a percent of the stack [26]. As a use of the week's cash it was the only move Strategy made [1][29]. The company has now skipped a bitcoin purchase in 13 of the last 14 weeks [30].
I read this as a defence of the $100 figure on a security sold as senior, short-duration credit with no direct claim on the coins [10]. The discount piece of the accretion is thin at about 2% of the outlay, and the rest depends on the dividends the retired shares no longer collect [18][9]. The counter is simpler and may well win: at a $98.64 last close there is barely a discount left [8], the average paid climbed 71 cents in seven days [25], and $950 million of the doubled $2 billion ceiling is already spent [20].
What to watch
- Where STRC trades against $100 in coming weeks, since the discount is what management calls accretive.
- The USD Cash line in the next 8-K, against the $1.30 billion reported for September 13.
- Whether the $1.0 billion authorised for MSTR common repurchases gets drawn at all.
Information, not investment advice. This story is general information about companies and markets, drawn from cited reporting. It is not a recommendation to buy, sell or hold any security; check the cited sources before acting.
Clarity's read
What the record supports and how the coverage leans. The claims behind it follow.
Reality
- Evidence72
- Adoption
- Not scored
- Hype gap+15
- Incentives55
- Confidence70
Perspective Coverage
3 publishers- Builder
- Builder 3%
- Operator
- Operator 17%
- Investor
- Investor 80%
Claim ledger
Ranked by verification strength, evidence, and original report placement.
- [1]
Strategy repurchased $139.3 million of STRC preferred stock in the week of September 8 to 13, per an 8-K sent to the SEC on September 14.
- [2]
The repurchase covered 1,420,467 STRC shares.
- [3]
Bitcoin Treasuries estimates Strategy's bitcoin stash cost about $63.73 billion to acquire at an average price of about $75,412 per token and values it at about $66 billion.
- [4]
The latest STRC purchase was funded from Strategy's USD Cash pool, the more flexible of its two dollar reserves.
- [5]
As of September 13, Strategy's USD Reserve, set aside for preferred dividends and debt interest, stood at $5.10 billion, and its USD Cash at $1.30 billion.
- [6]
In the prior week Strategy spent $176.3 million on 1,810,885 STRC shares, and the board then approved doubling the ceiling on its Digital Credit Securities Repurchase Program to $2 billion.
- [7]
After the latest round, the filing says $1.05 billion remains available for preferred buybacks and $1.0 billion for MSTR common stock.
- [8]
Google Finance had STRC at $98.64 at the last close, below the $100 the firm considers par.
- [9]
Management treats purchases below the $100 mark as accretive, since retiring the shares at a discount cancels future dividend payments the company would otherwise owe.
- [10]
STRC ranks senior to MSTR common stock and is pitched as short-duration "digital credit" backed by the company's cash and bitcoin, though without any direct claim on the coins themselves.
- [11]
Strategy did not sell any bitcoin and made no sales under its at-the-market equity program, and it was the second consecutive week it had not touched MSTR common stock.
- [12]
Saylor posted on September 14 that STRC's "BTC Credit" stood at 57 basis points and its USD duration at 3.9 years, using assumptions of 10% annualized bitcoin return, 40% volatility and a bitcoin price of $77,266.
- [13]
MSTR last closed at $130.97, per Google Finance.
- [14]
Strategy's bitcoin holdings have been unchanged since it disclosed a 4,603 bitcoin purchase for nearly $370 million on August 31.
- [15]
Before the August 31 purchase, Strategy had gone 10 consecutive weeks without buying any bitcoin.
- [16]
Strategy still tops Bitcoin Treasuries' ranking of 197 public companies running some form of bitcoin accumulation, ahead of Twenty One Capital, Metaplanet and MARA Holdings.
- [17]
The latest buyback works out to an average of about $98.07 per STRC share.
- [18]
At $98.07 a share the buyback captured $1.93 per share against the $100 stated value, about $2.74 million in total, or 1.97 cents per dollar spent.
- [19]
Two consecutive weeks of STRC repurchases total $315.6 million.
- [20]
About $950 million of the $2 billion preferred repurchase ceiling has been used.
- [21]
At $139.3 million a week, the $1.30 billion USD Cash pool funds about nine more weeks of buybacks.
- [22]
A $66 billion valuation on 845,050 coins implies about $78,100 per bitcoin.
- [23]
The $66 billion estimated value is about 3.6% above the $63.73 billion acquisition cost.
- [24]
The prior week's STRC repurchase averaged about $97.36 per share.
- [25]
The average price Strategy paid for STRC rose about 71 cents a share week over week.
- [26]
At about $78,100 a coin, $139.3 million buys roughly 1,780 bitcoin, about 0.21% of the 845,050 held.
- [27]
The $5.10 billion USD Reserve is about 3.9 times the size of the $1.30 billion USD Cash pool.
- [28]
The $77,266 bitcoin price used on Saylor's credit dashboard is about 2.5% above the $75,412 average acquisition cost.
- [29]
Strategy made no bitcoin trades in the week of September 8 to 13, holding steady at 845,050 BTC for a third straight week.
- [30]
Strategy has bought no bitcoin in 13 of the last 14 weeks.
Sources
3 independent publishers whose own reporting we read for this story.
- cryptobriefing.comStrategy buys back $139M of STRC, Bitcoin holdings unchanged
2 articles · September 14, 2026
- cryptopolitan.comStrategy skips BTC purchase again, pays $139M to buyback its own STRC shares
1 article · September 14, 2026
- decrypt.coStrategy Buys Back $139 Million of STRC, Bitcoin Stack Frozen for Second Week
1 article · September 14, 2026
Topics and entities
Topics
- Preferred stock buybacks
- Corporate Bitcoin treasuries
Entities
- STRC
- Strategy
- Bitcoin Treasuries
- MSCI
- Michael Saylor
- Bitcoin