Strategy skips Bitcoin buys for a second week, spends $139 million on STRC buyback

Strategy repurchased 1.42 million shares of its STRC preferred stock for about $139.3 million last week and bought no Bitcoin, its second straight week without a purchase, according to a Form 8-K filed with the Securities and Exchange Commission on Monday.

The repurchases, made between Sept. 8 and Sept. 13, were funded entirely from the company’s USD Cash balance, which fell to about $1.3 billion from $1.44 billion a week earlier. Strategy’s Bitcoin holdings were unchanged at 845,050 BTC, acquired for $63.7 billion at an average price of $75,412 per coin. No STRF, STRK, STRD preferred stock or MSTR common stock was repurchased.

Read as capital policy rather than a change of heart, the week is less about conviction than housekeeping. In July the company reported an $8.22 billion quarterly loss, its stock closed Friday at $130.97, down 4.7% for the week and roughly 75% below its November 2024 record, and its enterprise mNAV stands near 1.1, meaning the market values it barely above the Bitcoin it holds. The Digital Credit Capital Framework that governs the buyback ringsfences a $5.1 billion USD Reserve for preferred dividends and debt interest, prioritizes STRC repurchases, and authorizes up to $5 billion in Bitcoin sales. Cash is going to defending the preferred-stock stack, and the framework explicitly holds open the option of selling Bitcoin to do it.

The buyback was smaller than the prior week’s $176.3 million, after the board doubled the digital credit repurchase authorization to $2 billion. About $1.05 billion of that authorization remains, and a separate $1 billion common stock buyback is untouched. Strategy said in a post on X that it holds 845,050 BTC and $6.4 billion of dollar-denominated assets.

The company resumed Bitcoin purchases in late August with nearly $370 million bought after a 10-week hiatus, then paused again. Whether it returns to accumulation is not announced. The next scheduled test is external: MSCI’s consultation on whether to drop non-operating companies like Strategy from its benchmarks closes Sept. 30, with a decision due Oct. 16.