Bitcoin
Strategy Allocates $176.3 Million to Preferred Stock Buybacks Following Bitcoin Pause
A corporate filing shows Strategy redirected capital into its STRC preferred shares rather than acquiring additional Bitcoin.
A September 8 regulatory filing signed by general counsel Thomas C. Chow revealed that Strategy deployed $176.3 million toward repurchasing its variable-rate perpetual preferred stock, STRC, rather than buying Bitcoin. The company's common shares traded at $134, down 1.57% on the day.
The capital allocation follows an earlier ten-week hiatus during which Strategy sold approximately 7,000 BTC between $59,000 and $64,000 before acquiring 4,603 coins at an average price of $80,318 from August 24 to August 30. The firm funded the latest preferred share repurchases using existing cash reserves, avoiding at-the-market share issuance and leaving other preferred classes—STRF, STRK, and STRD—untouched.
In the same disclosure, Strategy expanded its Digital Credit Securities Repurchase Program from $1.0 billion to $2.0 billion, leaving approximately $1.19 billion in authorized capacity for STRC purchases below its $100 par value. To help stabilize the security near par, the firm raised STRC's annualized dividend rate from 11.50% to 12.00%. The company has spent around $811.5 million on STRC buybacks since July, while a separate $1.0 billion common stock repurchase facility remains untouched.
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