Strategy spends 2.3 times more on STRC than Bitcoin

Strategy has spent $174 million repurchasing STRC preferred shares and $75.7 million buying Bitcoin, directing 2.3 times more cash toward its stock buyback even as it resumed BTC accumulation.

Strategy divides $307.1 million among three uses

Strategy’s Sep. 21 Form 8-K, filed with the U.S. Securities and Exchange Commission, showed that the company deployed $307.1 million across Bitcoin, preferred-share repurchases, dividends and interest between Sep. 14 and Sep. 20.

Of that amount, $174 million went toward repurchasing STRC shares, while $75.7 million funded the purchase of 950 BTC. Another $57.4 million came from the company’s USD Reserve to cover preferred-stock dividends and interest on outstanding debt.

The transactions mean nearly 57% of the disclosed weekly spending went to STRC repurchases. Bitcoin accounted for about 25%, while dividends and interest represented the remaining 19%.

Strategy bought 1,751,480 STRC shares during the period at an average price of approximately $99.34 each. The variable-rate Series A perpetual Stretch preferred stock carries a $100 stated amount and trades on the Nasdaq Global Select Market.

After the latest transactions, $876 million remained available under the company’s digital credit securities repurchase program. Strategy also retained its separate authorization to repurchase up to $1 billion of MSTR common stock.

The company made no sales through its MSTR, STRF, STRC, STRK, or STRD at-the-market offering programs during the week. As a result, it financed both the Bitcoin acquisition and STRC buyback with existing cash rather than proceeds from newly issued shares.

STRC remains the larger cash commitment

Strategy has continued buying back STRC after spending $139.3 million on 1,420,467 shares between Sep. 8 and Sep. 13. The company paid an average of about $98.06 per share during that earlier period, according to its previous SEC filing.

Combined, the two latest weekly disclosures show $313.3 million spent repurchasing STRC shares. Bitcoin purchases over the same two periods totaled $75.7 million because the company made no BTC transactions during the first week.

As previously reported by crypto.news, Strategy entered the latest reporting period after two weeks without buying or selling Bitcoin or issuing shares. Instead, the company had used cash to reduce the amount of STRC outstanding.

The latest filing changes part of that position because Bitcoin purchases have resumed. STRC, however, continued to receive more than twice as much cash as BTC during the reporting week.

Strategy’s February financing plans presented preferred stock as a way to raise money for additional Bitcoin purchases while offering a dividend-based product to investors. The company’s preferred-stock funding plan added another financing route beyond common-stock sales and convertible debt.

Its more recent filings show cash moving in the opposite direction through STRC repurchases. Each share bought back reduces the amount of preferred stock on which Strategy may need to pay future dividends.

The company’s SEC filings identify STRC as variable-rate perpetual preferred stock. Because the security has no maturity date, its dividend obligation can continue for as long as the shares remain outstanding, subject to the terms of the offering.

Strategy buys 950 Bitcoin without issuing shares

Alongside the STRC transaction, Strategy acquired 950 BTC for $75.7 million, including fees and expenses. The average purchase price was $79,670 per coin.

The acquisition lifted its Bitcoin holdings from 845,050 BTC to 846,000 BTC. Strategy reported an aggregate acquisition cost of $63.80 billion and an average purchase price of approximately $75,416 per BTC.

Bitcoin’s price recovery placed the latest acquisition above the company’s total cost basis but below BTC’s subsequent market price. Bitcoin traded above $85,000 during Monday trading after rebounding from lows near $75,000 earlier in September.

At $85,000 per coin, Strategy’s 846,000 BTC would carry a market value of about $71.91 billion. The position’s value changes with Bitcoin’s market price and does not represent realized proceeds.

Before the latest transaction, Strategy last purchased Bitcoin on Aug. 31. The company acquired 4,603 BTC for approximately $370 million at an average price of $80,318, ending a buying pause that had lasted about ten weeks.

The company has also sold Bitcoin during 2026 under a capital plan that allows BTC to be used for funding obligations and managing liquidity. During the week ending Aug. 3, Strategy sold 1,638 BTC for $104.73 million while raising $290.6 million through MSTR sales and repurchasing $81.2 million of STRC.

That earlier Bitcoin sale lowered its holdings to 842,138 BTC at the time. Purchases made since then have taken the position to a new disclosed total of 846,000 BTC.

Strategy’s cash balances fall after weekly spending

Following the Bitcoin and STRC purchases, Strategy’s USD Cash balance declined from $1.30 billion on Sep. 13 to $1.05 billion on Sep. 20. The approximately $250 million reduction corresponds with the $174 million STRC repurchase and $75.7 million Bitcoin acquisition.

Its separate USD Reserve fell from $5.10 billion to $5.04 billion after the company used $57.4 million for dividends and interest. Strategy maintains the reserve to support payments on its preferred stock and outstanding debt.

USD Cash serves a different role under the company’s capital framework. Management may use it to acquire Bitcoin, add money to the USD Reserve, repurchase securities, or cover other corporate purposes.

For U.S. investors, the weekly filing separates the financial exposure carried by Strategy’s Nasdaq-listed securities. MSTR holders own common equity, while STRC and the company’s other preferred shares carry their own dividend rates, payment terms, and positions within the capital structure.

The filing lists MSTR, STRC, STRF, STRK and STRD as securities registered under Section 12(b) of the Securities Exchange Act. All five classes trade on the Nasdaq Global Select Market.