Key Takeaways
- Strategy repurchased $176 million of STRC and expanded its buyback program to $2 billion. The company’s founder Michael Saylor revealed the news.
- Gold bug and economist Peter Schiff questioned STRC demand despite its 12% dividend as Strategy supports the security.
- Market observers will watch STRC demand and the company’s 845,050 bitcoin holdings.
Strategy Doubles Its Buyback Capacity
The move, filed with the U.S. Securities and Exchange Commission (SEC), affects Strategy’s U.S. securities and its broader effort to finance a massive bitcoin position. As of Sept. 7, Strategy disclosed that it held 845,050 bitcoin and $6.5 billion in U.S. dollar assets, according to Saylor’s X post.
“Strategy has repurchased $176M of STRC and increased the size of its Digital Credit Securities Repurchase Program from $1.0B to $2.0B. As of 9/7/26, we hold 845,050 BTC and $6.5B of USD Assets,” Saylor said. The X post came on Tuesday instead of Monday due to the fact that the U.S. recognized Labor Day
A repurchase means that Strategy is buying back securities already held by investors. Increasing the program gives the company more room to make those purchases.
Saylor Points to Tighter Bitcoin Credit Risk
Saylor also highlighted in another X post what Strategy calls “BTC Credit,” a company metric designed to measure risk associated with its bitcoin-backed capital structure.
“STRC’s BTC Credit tightened to 53 bps (-1 bp), assuming 10% BTC ARR, 40% BTC Vol, and a BTC price of $79,809. Learn more about Strategy’s BTC Credit metrics,” Saylor remarked on the social media platform.
A basis point, or bp, equals one-hundredth of a percentage point. Saylor’s calculation assumes bitcoin returns 10% annually, carries 40% volatility, and trades at $79,809. When Saylor published his post, BTC was trading below that range and struggling to hold $78,000.
Schiff Questions Whether STRC Demand Can Hold
Then, longtime bitcoin critic Peter Schiff came with main character energy and questioned whether the share buybacks address the underlying demand for STRC, which carries a 12% dividend.
“What’s your goal? Even if you push STRC back to $100 you won’t be able to issue more. There clearly is not enough demand at the current 12% dividend. If you sell, the price would drop again and you’ll have to resume buybacks. Just ending the buyback will cause the price to drop,” Schiff wrote to Saylor.
His criticism gets to the key question: whether STRC can attract enough investors without continued support from Strategy. There’s a great deal of attention on that balance because the company is walking a tightrope between supporting its securities and maintaining its bitcoin-centered strategy. Strategy’s founder did not respond to Schiff’s commentary.
Investors Watch Whether Demand Picks up Steam
Per usual, Schiff hopes Saylor and team get caught flat-footed, but the next test is fairly simple. Market observers can watch whether STRC demand starts picking up steam without heavier repurchases, or whether or not Strategy must keep buying.
For now, whether the expanded $2 billion program materially moves the needle is anyone’s guess. The key numbers to watch are STRC’s price and demand, future repurchases, and any changes in Strategy’s 845,050-bitcoin position as the dust settles. Schiff’s commentary was also met with its own criticism, and even though Saylor did not reply, others did for him.
“When STRC returns to par, he has proved he is fully behind STRC, which will boost confidence. Remember when you said it was down to $75 and you said it was dead?” one person asked Schiff. The bitcoin critic and gold proponent also did not respond to jabs against his statement on Tuesday.
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