Strategy used $139.3 million of its cash reserves to repurchase 1.42 million shares of its STRC preferred stock during the week ended Sept. 13, while leaving its Bitcoin holdings unchanged at 845,050 BTC, according to an 8-K filing with the U.S. Securities and Exchange Commission.
The filing marks a second consecutive week without reported Bitcoin purchases or sales by the company, whose treasury remains the largest among publicly listed corporate holders. Strategy’s BTC position was valued at about $65.7 billion in the filing period, against a cumulative purchase cost of $63.7 billion and an average acquisition price of $75,412 per Bitcoin.
The combination of preferred-share buybacks and stable Bitcoin holdings points to a more defensive use of capital than the company’s frequent accumulation campaigns. Rather than adding to its Bitcoin reserve during the week, Strategy directed available cash toward reducing STRC shares outstanding under a repurchase authorization that has recently expanded.
Cash reserves fund STRC repurchases
Strategy said the STRC repurchases were funded from cash on hand. As of Sept. 14, the company reported a USD Reserve of $5.1 billion and USD Cash of $1.3 billion.
The company has structured the reserve under its Digital Credit Capital Framework, which restricts the USD Reserve to preferred-stock dividends and interest payments. Strategy has also authorized repurchases of digital credit securities, initially setting aside $1 billion for the program with STRC as the first priority. That authorization was raised to $2 billion last week.
Preferred shares sit separately from Strategy’s common stock and Bitcoin reserve, but the buyback connects the company’s capital-management decisions directly to its treasury model. Repurchasing shares can reduce future dividend obligations on the securities retired, while preserving the company’s ability to deploy capital elsewhere under the framework.
Strategy separately approved a $1 billion buyback authorization for common stock. Neither the SEC filing nor the information provided indicates that common-share repurchases occurred during the week ended Sept. 13.
Bitcoin reserve remains above 4% of supply cap
Strategy’s 845,050 BTC represents more than 4% of Bitcoin’s fixed 21 million coin supply cap. The company’s position remains far larger than those of other public companies tracked by Bitcoin Treasuries.
Bitcoin Treasuries lists Twenty One as the next-largest public corporate holder with 43,514 BTC, followed by Metaplanet with 43,000 BTC, MARA with 35,577 BTC, and Bitcoin Standard Treasury Company with 30,021 BTC. Strategy’s holdings are therefore roughly 19 times the size of Twenty One’s reported reserve.
The company’s cost basis of $63.7 billion leaves it with about $2 billion in unrealized gains at the valuation cited in the filing. That figure moves with Bitcoin’s market price and does not represent realized profit unless coins are sold.
Strategy has expanded a separate BTC Monetization Program that would permit up to $5 billion in Bitcoin sales. Proceeds could be used for the USD Reserve, dividend and interest obligations, and securities repurchases under the Digital Credit Capital Framework. No Bitcoin sales were reported for the latest week.
The program gives the company an avenue to convert part of its Bitcoin holdings into dollars if needed to meet obligations or fund capital actions. Its absence from the latest filing leaves the treasury intact while Strategy draws instead on its existing cash balances.
Saylor’s tracker posts have paused
Michael Saylor, Strategy’s co-founder and executive chairman, has recently paused the weekly public tracker posts that had often preceded disclosures of Bitcoin purchases. The company’s holdings have remained stable through recent reporting periods.
Those posts had become closely watched by traders because they frequently offered an early indication that Strategy would disclose another Bitcoin purchase. Their pause does not establish a change in the company’s long-term treasury policy, but the recent filings show a break from the steady accumulation pattern that defined much of its previous activity.
Strategy’s scale means its transactions can influence perceptions of corporate Bitcoin demand even when its purchases account for only part of broader market activity. A second week without acquisitions also places greater attention on how the company manages its expanding cash reserve and preferred-share obligations.
Share price pressure narrows the valuation premium
Strategy’s common shares, which trade under the MSTR ticker, fell 4.7% over the reported week and closed Friday at $130.97. Bitcoin declined 3.9% during the same period.
The company cited an enterprise market-cap-to-net-asset-value, or mNAV, ratio of 1.1. The measure compares the market’s valuation of the company with the value of its underlying assets, including its Bitcoin holdings. A ratio closer to 1 suggests that the premium traders are willing to pay for Strategy’s corporate structure, financing operations, and Bitcoin acquisition strategy has narrowed.
Shares linked to corporate Bitcoin treasury strategies have fallen from their 2025 peaks as mNAV ratios across the group contracted, according to the supplied figures. MSTR was reported to be down about 71% from its peak.
That compression changes the arithmetic around capital raising and repurchases. When a company’s shares trade at a substantial premium to the value of its holdings, issuing equity can be a relatively attractive way to raise funds for additional Bitcoin purchases. A lower premium makes that route less favorable and can make buybacks more appealing, depending on the price and the company’s financing needs.
Strategy’s latest filing therefore shows a company preserving its record-sized Bitcoin position while using cash to reshape its preferred-share base. Whether that remains a short pause in Bitcoin buying or develops into a longer capital-allocation shift will depend on future filings, reserve requirements, and the pricing of both Bitcoin and Strategy’s securities.
For deeper context on large institutional bitcoin positions and market impact, explore our analysis in Bitcoin Strategic Reserve today.
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