#StrategyInitiatesSTRCBuyback

Strategy Begins Buying Its Own Preferred Shares — First $25 Million Tranche Is Done

Strategy has started repurchasing its preferred stock. Between July 20 and July 26 the company bought 288,930 shares of STRC at an average price of $86.52, spending approximately $25 million. Management stated that as long as STRC trades below its $100 par value, it intends to remain a regular and disciplined buyer — increasing purchases at wider discounts and slowing them as the price moves closer to par. Roughly $975 million is still available under the existing authorization.

Capital Allocation in the Same Window

While the preferred buyback was under way, Strategy’s USD reserve climbed to a new high of $3.75 billion. That increase was supported by $525 million raised through at-the-market common stock offerings. Bitcoin holdings were left unchanged for the third consecutive week at 843,795 BTC. The company therefore returned capital to preferred holders, added to its cash reserve, and kept its Bitcoin position static — three distinct decisions executed side by side.

The Explicit Buyback Rule

The policy is unusually clear. Below $100, Strategy buys. The further the shares sit under par, the more aggressive the intended pace. As the price approaches $100, buying is designed to taper. That framework removes ambiguity about management’s view of the preferred equity relative to its stated par value and gives the market a transparent reference point.

What the Numbers Show Together

A $25 million preferred repurchase, a $3.75 billion cash reserve, and an unchanged 843,795 BTC holding form a measured capital-allocation picture. The company is willing to retire preferred shares when they trade at a discount, willing to raise and hold more USD, and content for now to leave the Bitcoin treasury unaltered. The remaining $975 million authorization means the first tranche is only the opening step.

Closing View

Strategy has moved from stated intention to actual execution on the STRC buyback. The average purchase price of $86.52 sits meaningfully below the $100 par level that guides the program. How quickly the remaining authorization is used will depend on where STRC trades in the coming weeks. The simultaneous rise in the USD reserve and the unchanged Bitcoin position complete the current snapshot of how the company is choosing to deploy capital.

This is my reading of the disclosed transactions and policy. It is not a recommendation.

‍#StrategyInitiatesSTRCBuyback #STRC