Catenaa, Wednesday, September 16, 2026- Strategy repurchased about $139.3 million of its STRC preferred shares between September 8 and September 13 while making no changes to its bitcoin holdings, according to a filing with the Securities and Exchange Commission.
The company bought back about 1.42 million STRC shares during the period and funded the purchases from its US dollar cash reserves.
Strategy reported about $5.1 billion in its US dollar reserve and $1.3 billion in cash as of September 14.
The company neither bought nor sold bitcoin during the week, leaving its holdings at 845,050 BTC for a second consecutive week.
Those holdings were worth about $65.7 billion at recent prices.
Strategy acquired the bitcoin at a total cost of about $63.7 billion, or an average of $75,412 per coin. Its position therefore carried about $2 billion in unrealized gains at the prices cited in the filing.
The company holds more than 4% of bitcoin’s maximum supply of 21 million coins and remains the largest publicly traded corporate bitcoin holder.
The latest repurchase reflects a broader change in how Strategy is allocating capital.
Under its Digital Credit Capital Framework, the company has placed greater emphasis on supporting its preferred securities and maintaining cash reserves rather than directing all available capital toward additional bitcoin purchases.
Strategy initially authorized $1 billion for repurchases of its digital credit securities, with STRC given priority. The company increased that authorization to $2 billion earlier this month.
It has also approved a separate $1 billion common-stock repurchase program.
Strategy later expanded its Bitcoin Monetization Program to allow up to $5 billion in bitcoin sales to support cash reserves, preferred dividends, interest payments and securities repurchases if needed.
The shift comes as bitcoin treasury companies face pressure from shrinking premiums between their market values and the value of bitcoin they hold.
Shares of several corporate bitcoin holders have fallen sharply from 2025 highs as investors reassessed the economics of issuing stock to acquire more bitcoin.
Strategy’s common shares remain about 71% below their peak, while its enterprise market value-to-net-asset-value ratio has fallen close to 1.1.
The company’s stock fell 4.7% last week to close Friday at $130.97, while bitcoin declined 3.9% over the same period.
Nearly 200 publicly traded companies have now adopted some form of bitcoin treasury strategy, but Strategy remains by far the largest.
Its recent activity suggests that supporting its capital structure has become a more prominent priority even as its bitcoin position remains unchanged.
