Strategy Repurchases $139 Million in Preferred Stock, Leaves Bitcoin Holdings Unchanged

Strategy Inc. repurchased 1,420,467 shares of its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) for approximately $139.3 million during the week ended September 13, 2026, while buying and selling no bitcoin, according to a Form 8-K filed with the U.S. Securities and Exchange Commission on September 14. The report marks a second consecutive week in which the Tysons Corner, Virginia-based company has left its bitcoin position unchanged. Strategy, which rebranded from MicroStrategy in early 2025, is widely regarded as the world’s largest corporate bitcoin holder.

The Buyback Execution

Between September 8 and September 13, Strategy spent $139.3 million repurchasing STRC stock while leaving its other repurchase programs — STRF, STRK, STRD, and Class A common stock (MSTR) — inactive for the week. The Nasdaq-listed preferred issue carries a variable dividend that the company said on August 31 it would maintain at a 12.00% annual rate for semi-monthly periods beginning September 16. Buying back the preferred stock trims the firm’s outstanding preferred share count and its future dividend obligations. After the latest purchases, roughly $1.05 billion of aggregate purchase price remains available under the company’s digital credit securities repurchase program and $1.0 billion under its MSTR stock repurchase program, the filing states.

Bitcoin Holdings Hold Steady

The company also disclosed that it sold no shares under its at-the-market offering program and bought or sold no bitcoin during the period. As of September 13, Strategy held approximately 845,050 bitcoin acquired for an aggregate $63.73 billion at an average price of about $75,412 per coin, including fees and expenses. The pause follows its $369.7 million purchase of 4,603 bitcoin reported at the end of August, and leaves the company two full weeks removed from its last bitcoin acquisition. That stands in contrast to the near-weekly buying cadence the firm maintained for years as it built its treasury.

A Shift in Capital Priorities

The update underscores a broader reallocation at the company. Strategy has increasingly directed capital toward preferred-stock buybacks rather than fresh bitcoin accumulation, a pivot it formalized in early September when it doubled its preferred-stock buyback program to $2 billion. The latest repurchase shows the firm trimming its preferred-stock liabilities even as its bitcoin stack remains among the largest corporate crypto treasuries in the world. The next weekly disclosure will show whether the company resumes bitcoin purchases or keeps directing capital toward its preferred-stock programs.