Last week, Strategy neither bought nor sold Bitcoin, keeping its reserve unchanged at 845,050 BTC. Instead, the company repurchased preferred STRC shares worth $176.3 million and doubled its buyback program to $2 billion, according to filings submitted to the SEC.
Between August 31 and September 7, Strategy repurchased 1,810,885 STRC shares using cash. The average repurchase price was approximately $97.36 per share. The company did not sell common or preferred shares through at-the-market (ATM) programs. No buybacks of other classes of preferred securities — STRF, STRK, or STRD — were conducted, and no transactions were carried out under the MSTR common share repurchase program. STRC (Variable Rate Series A Perpetual Stretch Preferred Stock) has a stated par value of $100 and a variable coupon yield. Strategy set an annual dividend rate of 12% for records beginning in September. According to MarketWatch, STRC closed at $98.04 on September 8, which is 1.96% below par but above the average price of the latest repurchase. The company noted that future dividends are not guaranteed.
After increasing the limit of the digital credit securities repurchase program to $2 billion, the remaining available capacity stood at $1.19 billion. Strategy emphasized that further repurchases will depend on market prices, liquidity, and decisions by management or the board of directors. The separate MSTR common share repurchase program retained its full $1 billion limit. Strategy's Bitcoin reserve remained unchanged. The company has made purchases in the past: in the previous reporting period, approximately $370 million was directed toward BTC purchases, and in June, after acquiring 1,587 BTC, the reserve reached 846,842 BTC. In August, Strategy sold 1,638 BTC for $104.7 million, directing the proceeds toward preferred share dividends, buybacks, and a dollar reserve. The average acquisition price of all Bitcoin holdings is $75,412 per coin, with total costs including fees amounting to $63.73 billion.
Strategy's USD Reserve as of September 7 stood at approximately $5.10 billion and is intended to support preferred share dividends and debt interest payments. The separate USD Cash balance following the STRC repurchase amounted to $1.44 billion. These funds may be used for Bitcoin purchases, reserve replenishment, or corporate purposes. In July, the USD Reserve was at $3.75 billion, covering approximately 2.1 years of expected dividend and interest payments. At the same time, BitMine reported acquiring 28,086 ETH over the same period. Its total holdings grew to 5.93 million ETH, representing approximately 4.9% of the total Ethereum supply. The company's stated goal is to reach 5% of total supply. No additional statements regarding the timeline for achieving the target level were made.
MSTR shares closed at $136.52 on September 8, down $6.28, or 4.40%. The decline came against the backdrop of a broader sell-off in Bitcoin and other crypto assets. The company announced no specific plans regarding the resumption of BTC purchases, further STRC buybacks, or the use of ATM programs in the near term.