Strategy repurchased $139.3M of STRC preferred stock, leaving its Bitcoin at 845,050 BTC unchanged for a 2nd week running, as an MSCI index ruling looms in October.
Strategy
Strategy left its Bitcoin (BTC) holdings unchanged for a second straight week while directing capital toward preferred stock repurchases instead.
The company filed an 8-K with the Securities and Exchange Commission (SEC) on Sept. 14 disclosing the activity for the period ending Sept. 13.
Between Sept. 8 and Sept. 13, Strategy repurchased 1,420,467 shares of its STRC preferred stock for $139.3 million. The company funded the buyback entirely from its USD Cash reserve, which stood at $1.3 billion as of Sept. 14, down from $1.44 billion the prior week. The $139 million decline in that balance tracks closely with the amount spent on STRC shares.
Strategy's USD Reserve, a separate pool restricted to preferred stock dividends and interest payments, held $5.1 billion as of Sept. 14. No shares of STRF, STRK, or STRD preferred stock were repurchased during the period. A $1 billion buyback authorization for MSTR common stock also remained unused.
Bitcoin Stack Sits Unchanged at 845,050 BTC
Strategy's total BTC holdings stayed at 845,050 BTC, the same figure reported the prior week. The company acquired that position for $63.73 billion at an average cost of $75,412 per coin, inclusive of fees. At current prices, the stack was valued at $65.7 billion, implying roughly $2 billion in unrealized gains.
The company's last BTC purchase came in late August, when it acquired 4,603 BTC for $369.7 million. That was also the first BTC purchase Strategy had made since June. The pause that followed, combined with back-to-back weeks of significant STRC buybacks, shows how the company is balancing its Bitcoin accumulation program with support for its preferred stock structure.
The STRC buyback volume of $139.3 million was down from the $176.3 million deployed the prior week. That prior-week total came after Strategy's board doubled its digital credit securities repurchase program authorization to $2 billion. About $1.05 billion remains available under that program as of Sept. 13.
Related Article: Bitcoin Rallies Near $80K Shelf After CPI — Could Fed Rate Hike Trigger New Lows?
MSCI Index Ruling Could Reshape Fund Flows
According to Strategy's own credit dashboard, STRC's BTC Credit spread, calculated against the company's Bitcoin collateral, sits at roughly 57 basis points. The figure assumes a 10% annualized Bitcoin return, 40% volatility, and BTC near $77,266. Strategy's internal framework treats any spread below 150 basis points as investment-grade, keeping STRC within that range under current assumptions.
The same dashboard puts Strategy's aggregate Bitcoin reserve at $66.2 billion. Its blended breakeven annualized return is 2.48%, with a duration of 40.3 years. Executive Chairman Michael Saylor has also stopped posting his regular Sunday Bitcoin tracker updates, which had previously served as an informal signal ahead of BTC purchase announcements.
Strategy is awaiting a ruling from MSCI on a proposal that could strip companies classified as non-operating from its global equity benchmarks. Public comment on the consultation closes Sept. 30, with a decision expected Oct. 16. A change in index classification could redirect billions of dollars in passive fund flows currently tied to Strategy's weighting. Strategy's common stock fell 4.7% last week, closing at $130.97 on Friday, while BTC declined 3.9% over the same period. According to Bitcoin Treasuries data, 197 public companies now hold some form of BTC on their balance sheets, with Tether-backed Twenty One, Metaplanet, MARA, and Bitcoin Standard Treasury Company rounding out the top five behind Strategy at 43,514 BTC, 43,000 BTC, 35,577 BTC, and 30,021 BTC, respectively.
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