Strategy buyback moved into a lower gear last week: the company repurchased 1,420,467 shares of its STRC preferred stock for $139.3 million in the seven days to September 13, according to an 8‑K filing.
That was a pullback from the prior week’s $176.3 million pace, after the board doubled the repurchase authorization for its digital credit securities to $2 billion. All buybacks came from the firm’s USD Cash pool, the same bucket used for dividends and Bitcoin purchases.
Meanwhile, Strategy’s Bitcoin hoard didn’t budge. The firm bought and sold no Bitcoin, leaving its holdings steady at 845,050 BTC for a second straight week. Strategy originally accumulated that stack for $63.73 billion, at an average cost of $75,412 per coin, fees included.
Cash and credit math
Strategy’s balance sheet shows $5.10 billion in the USD Reserve, which underwrites preferred dividends and interest, and $1.30 billion in USD Cash as of September 13. USD Cash fell from $1.44 billion the prior week — a change that tracks almost exactly with the $139.3 million spent on STRC repurchases.
Under the newly expanded program, about $1.05 billion remains available of the $2 billion digital credit securities authorization. A separate $1 billion buyback authorization for MSTR common stock remains untouched.
Credit spread, breakeven and duration
On Strategy’s own dashboard, STRC’s Bitcoin Credit spread sits near 57 basis points, calculated assuming a 10% annualized Bitcoin return, 40% volatility and Bitcoin trading around $77,266. Strategy classifies anything under 150 basis points as investment‑grade, so by its internal yardstick STRC still looks safe.
The company also reports an aggregate Bitcoin reserve valued at $66.2 billion, with a blended breakeven annualized return of 2.48% and a duration of 40.3 years — numbers that, on paper, give the firm a long runway to absorb short-term price swings.
Why the pause matters
The slowdown in the Strategy buyback program arrives as the firm waits on an MSCI consultation that could remove “non‑operating companies” like Strategy from certain global equity benchmarks. Feedback on that proposal closes September 30, with a decision penciled in for October 16 — a ruling that could redirect billions in passive fund flows tied to index weightings.
H2: Strategy buyback and the index risk — what to watch
If MSCI trims Strategy from indexes, passive funds tracking those benchmarks could rebalance away from the company, amplifying market moves. For now, Strategy’s playbook looks cautious: keep the Bitcoin stack intact, trim preferred shares modestly, and hold powder dry while a potentially market‑moving index decision looms.
Short, sharp takeaway
This was a quiet week in terms of Bitcoin activity but not in implication. Strategy trimmed its STRC exposure, left its crypto reserve untouched, and is sitting on a cash buffer while an external index decision could change the passive‑fund calculus. The numbers are stable for now — but the calendar has a date that could matter.
