Strategy, led by Michael Saylor, has repurchased $174 million of its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC). This transaction brings the company's total cumulative buybacks under its dedicated program to over $1.12 billion.
The repurchase, disclosed around September 21, 2026, was financed using cash reserves. The company emphasized that no Bitcoin holdings were sold to fund these operations. Following the announcement, the price of STRC shares rose by 11.9%.
The Digital Credit Securities Repurchase Program was initiated on June 29, 2026, with an initial budget of $1 billion. On September 8, 2026, the authorization for the program was increased to $2 billion, leaving approximately $1.19 billion available for future buybacks.
The company targets STRC shares when they trade below their par value of $100, allowing it to capture the spread between market price and face value. Recent weekly spending has ranged between $152 million and $176.3 million.
Strategy maintains a separate USD reserve, which reached approximately $5.1 billion by early September 2026. These funds are designated for dividends, interest obligations, and share repurchases, distinct from the company's Bitcoin treasury.
