Strategy Inc., the Bitcoin treasury company formerly known as MicroStrategy, disclosed in a regulatory filing that it has repurchased $132 million of its STRC preferred stock while increasing its U.S. dollar reserve by $150 million.
The move continues the firm’s shift toward active capital management under its Digital Credit Capital Framework, which prioritizes liquidity and the strengthening of its preferred securities.
STRC, officially the Variable Rate Series A Perpetual Stretch Preferred Stock, carries a $100 stated amount and currently pays a 12% annualized dividend. Strategy has been systematically buying the shares in the open market while they trade at a discount to par. By retiring these obligations at reduced prices, the company lowers its future dividend commitments and improves the overall credit profile of its capital structure.
The latest $132 million repurchase—detailed in the 8–K filing—forms part of a broader $1 billion Digital Credit Securities Repurchase Program authorized in late June 2026, with STRC designated as the initial priority.
Capital Framework Emphasizes Liquidity Over Aggressive Bitcoin Accumulation
The accompanying $150 million increase in the USD reserve brings the cash buffer higher as Strategy maintains a board-mandated minimum covering at least 12 months of preferred dividends and interest obligations.
Funding for both the reserve build-up and the share buybacks has drawn on a combination of proceeds from at-the-market sales of common stock (ticker MSTR) and selective Bitcoin sales under the company’s monetization program. Strategy has paused net Bitcoin purchases in recent weeks, instead treating portions of its holdings as a source of liquidity when market conditions favor it.
As of this most recent disclosures, Strategy still holds 840,447 Bitcoin, acquired at an average cost of $75,385 per coin for a total of approximately $63.36 billion. This remains well above recent sale prices (around $64,000).
At the time of publishing, Bitcoin was trading near $63,560, as per market data tracked by CoinGecko.
The actions reflect a maturation in Strategy’s approach. After years of aggressive Bitcoin accumulation financed through equity and preferred issuance, the company is now operating a two-way capital machine: issuing when prices are favorable and retiring claims when they trade at a discount. Analysts note that consistent buybacks have helped STRC recover from lows near $75 earlier in the summer toward levels closer to its $100 par target.
Market participants will watch the next weekly filings closely for further details on average purchase prices, remaining authorization under the $1 billion program, and any additional Bitcoin sales.
Also read: Renaissance Technologies Boosts Stake in Bitcoin Treasury Giant Strategy
