Michael Saylor · Strategy · Bitcoin · CryptoSlate
Strategy doubles its stock buyback to $2 billion to pull its STRC shares back to $100
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Strategy doubled the size of its preferred-stock repurchase program to $2 billion Tuesday as Michael Saylor’s Sept. 8 recovery benchmark arrived with STRC still short of its $100 stated value.
Key facts
- Between Aug. 31 and Sept. 7, the company acquired 1.81 million STRC shares for $176.3 million, implying an average price of about $97.36
- Strategy doubled the size of its preferred-stock repurchase program to $2 billion Tuesday as Michael Saylor’s Sept. 8 recovery benchmark arrived with STRC still short of its $100 stated value
- Data from STRC.live showed that STRC entered Tuesday around $97 to $98, leaving the variable-rate preferred roughly 2% below the level Strategy has spent much of the summer trying to restore
- During the previous reporting period, the company raised $602.8 million through MSTR sales, spent $151.8 million repurchasing STRC and still directed $369.7 million toward 4,603 Bitcoin
Summary
01 Strategy doubled its STRC repurchase authorization to $2 billion after spending about $811.5 million without restoring the preferred stock to $100. 02 The larger intervention supports STRC’s path back to par, but consumes flexible cash that could otherwise fund Bitcoin purchases. 03 Strategy must determine how much more capital to deploy before outside demand can sustain STRC near par and reopen its issuance role. The board’s decision extends a campaign that was approaching the limits of its original $1 billion authorization after seven weeks of increasingly large purchases.