#Strategy首次回购STRC Strategy (formerly MicroStrategy) for the first time launched a buyback of STRC preferred stock, repurchasing 288.9k shares at an average price of $86.52 during July 20 to 26, spending about $25 million. The company also clearly stated: as long as STRC is below its $100 par value, it will continue to act as a “disciplined buyer”—the deeper the discount, the more it buys, and the closer it gets to par value, the less it buys.

This is Strategy’s fifth consecutive week without increasing its Bitcoin holdings; its holdings remain unchanged at 843,775 BTC. Meanwhile, the company sold common stock through its ATM program, raising net proceeds of $544.5 million, bringing its cash reserves to a record $3.75 billion—enough to cover approximately 25 months of preferred stock dividend payments.

This buyback sends multiple signals: price support—injecting confidence into STRC that trades below par value; saving dividends—buying back at a discount effectively “discounts” the obligation to pay future dividends by canceling them; and confidence release—management believes its securities are undervalued. CEO Phong Le explicitly said that repurchases below $100 are a “compelling capital allocation.”

The most worth watching risk signal is: the company said future buyback funds may come from selling Bitcoin. This breaks the iron rule of “buy only, never sell,” and if it really cashes out, it could impact market sentiment around Bitcoin.

Overall, Strategy is shifting from a “single buy” approach toward more mature capital management—this is both a risk and, perhaps, the necessary path toward long-term sustainability.