Key Takeaways
- Strategy spent $139M buying back STRC while keeping its enormous 845,050 BTC stash completely untouched.
- Strategy skipped bitcoin buys from Sept. 8-13 and instead put its money behind STRC trading below $100 par.
- Saylor hopes STRC gets back above $100, giving Strategy another shot at raising cash to buy even more BTC.
Strategy Spends $139 Million Defending STRC
“Strategy has repurchased $139M of STRC,” Strategy founder Michael Saylor wrote on X Monday morning. “As of 9/13/26, we hold 845,050 BTC and $6.4B of USD Assets. USD Duration is 3.9 yrs and STRC’s BTC Credit is 57 bps assuming 10% BTC ARR, 40% BTC Vol, and a BTC price of $77,266.”
The company filed the move in an 8-K filing with the U.S. Securities and Exchange Commission (SEC). The filing stated:
“On September 14, 2026, Strategy Inc announced that, during the period between September 8, 2026, and September 13, 2026, Strategy did not sell any shares under its at-the-market offering program and did not purchase or sell any bitcoin.”
Why Buying STRC Below $100 Matters
Essentially, STRC is a variable-rate perpetual preferred stock that was issued by Strategy. The stock pays holders a cash dividend, and it is collateralized by the company’s bitcoin and U.S. dollar reserves.
The vehicle has been integral toward growing the firm’s BTC reserves because when STRC trades at a premium, the firm issues new shares to raise capital, using those proceeds to purchase even more BTC for its corporate treasury.
The logic to buying STRC below $100 par somewhat retires the valuation claim and perpetual coupon for less than face value. Basically, this can cut future cash dividends and tighten Strategy’s credit stack.
The hope is STRC climbs back toward par and sells once again for a premium, so Strategy can issue it again to buy bitcoin. The last time Saylor and company bought BTC was on Aug. 31, 2026, two weeks ago, when it acquired 4,603 BTC.
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