Strategy Inc., the company formerly known as MicroStrategy, directed $139.3 million toward repurchasing its STRC preferred stock during the week of September 8 to 13, according to an 8-K filing submitted to the U.S. Securities and Exchange Commission. The firm acquired 1,420,467 shares of the Variable Rate Series A Perpetual Stretch Preferred Stock and reported no purchases or sales of Bitcoin in the same period.

Bitcoin holdings remained fixed at 845,050 BTC, accumulated at a total cost of approximately $63.73 billion and an average price of $75,412 per coin. This marked the second straight week without any Bitcoin activity after the company had briefly resumed buying with a 4,603 BTC acquisition at the end of August.

Focus on Preferred Stock Support

The latest repurchase was funded entirely from Strategy’s USD Cash balance. As of September 13, the company reported a USD Reserve of $5.10 billion and USD Cash of $1.30 billion, for combined USD assets of roughly $6.4 billion. No shares were sold under the firm’s at-the-market equity program during the week, continuing a pattern seen the prior period.

STRC, a variable-rate perpetual preferred security, carries a stated amount of $100 and pays a cash dividend. The stock has recently traded below that level, around $98. Strategy has stated that buying shares at a discount can reduce future preferred dividend obligations and support the security’s market price. Management has indicated a desire for STRC to trade near its $100 stated amount so the firm can potentially issue additional shares at a premium to raise capital for further Bitcoin purchases.

Recent Capital Allocation Pattern

The prior reporting week saw Strategy spend $176.3 million to repurchase approximately 1.81 million STRC shares while also expanding its Digital Credit Securities Repurchase Program from $1 billion to $2 billion. Combined with the latest transaction, the company has allocated more than $315 million to STRC buybacks across the two most recent periods.

These moves form part of Strategy’s broader Digital Credit Capital Framework, adopted earlier in 2026. Under the framework, the USD Reserve is primarily designated for preferred dividends and interest payments, while USD Cash may be used for Bitcoin acquisitions, security repurchases, or other capital management purposes. The company has also authorized a separate program that permits limited Bitcoin sales when management deems them advantageous for rebuilding reserves or funding buybacks.

Strategy’s Bitcoin position continues to represent more than 4 percent of the cryptocurrency’s fixed 21 million supply. At recent market levels the holdings carry an unrealized gain relative to the average acquisition cost. The firm last added to the treasury on August 31 with the 4,603 BTC purchase, after which capital has been directed toward preferred stock support rather than further accumulation.

Market Context for MSTR and STRC

Shares of Strategy’s common stock, traded under the ticker MSTR, have risen more than 30 percent over the past month in tandem with Bitcoin’s gains, though they traded relatively flat in recent sessions near $132. STRC has posted more modest advances of roughly 3 percent over the same one-month span while remaining below its $100 par value.

The company’s capital allocation approach has evolved from a primary focus on steady Bitcoin accumulation toward active management of its preferred securities and cash reserves. Strategy has previously sold limited amounts of Bitcoin and used proceeds from common stock issuance to support both dividends and buybacks, illustrating a more flexible framework than the earlier “never sell” posture associated with its Bitcoin strategy.

As of the latest disclosure, the repurchase authorization for digital credit securities still retains substantial capacity following the program expansion and recent activity. Strategy has not indicated when it expects to resume Bitcoin purchases, stating only that decisions will depend on market conditions and assessments of the most accretive use of available capital.