#Strategy首次回购STRC Strategy (formerly MicroStrategy) launched its first STRC preferred share buyback with priority, repurchasing 288.9k shares at an average price of $86.52 between July 20 and 26, spending about $25 million. The company also made it clear that as long as STRC trades below its $100 par value, it will keep acting as a “disciplined buyer”—the deeper the discount, the more it buys, and the closer it gets to par, the less it buys.

This is the fifth consecutive week in which Strategy did not add to its Bitcoin holdings; its holdings remain unchanged at 843,775 BTC. At the same time, the company raised a net $544.5 million through its ATM program to sell common stock, pushing its cash reserves to a record $3.75 billion, enough to cover roughly 25 months of preferred dividend payments.

This buyback sends multiple signals: price support—providing a boost to STRC trading below par; dividend savings—buybacks at a discount effectively “discount” the future obligation for dividends; and confidence release—management believes its own securities are undervalued. CEO Phong Le explicitly said that buybacks below $100 are an “attractive allocation of capital.”

The most worth watching risk signal is that the company said future buyback funds could come from selling Bitcoin. This breaks the “only buy, never sell” hard rule, and if it does cash out, it could impact market sentiment around Bitcoin.

Overall, Strategy is moving from “single buy” toward more mature capital management—this is both a risk and, potentially, a necessary path to long-term sustainable development.