Strategy Buys Back 1.43M STRC Preferred Shares for $136M; USD Reserves Rise to $5.1B

Strategy, formerly MicroStrategy, repurchased 1,431,212 shares of its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) for $136.4 million during the week ended August 23, according to its latest disclosures. Over the same period, the company's USD reserves increased to $5.1 billion from $4.8 billion a week earlier. The repurchases were conducted under Strategy's $1 billion Digital Credit Securities Repurchase Program. STRC carries a 12% annual dividend rate. Following the latest buyback, Strategy has $516.6 million of remaining capacity under the preferred repurchase program, in addition to a separate $1 billion authorization for common stock buybacks. Strategy said the repurchases were funded primarily through at-the-market equity sales of its Class A common stock (MSTR). The $300 million increase in USD reserves over the week was also driven by these ATM offerings. Weekly SEC filings show a recurring pattern of ATM issuance being used to support dividends, repurchases, and reserve accumulation. The company's Bitcoin position was unchanged at about 840,447 BTC, with a cost basis of roughly $75,385 per coin. Strategy outlined this approach on June 29, 2026, when it introduced its Digital Credit Capital Framework, shifting from a net-issuance model focused on selling stock to buy Bitcoin to a more active balance-sheet strategy that includes repurchases and building USD reserves. Under its BTC Monetization Program, Strategy has authorization to sell up to $1.25 billion of Bitcoin to replenish USD reserves or fund buybacks if equity market conditions weaken. The company has not used that option to date. Strategy said the $5.1 billion USD reserve buffer helps cover STRC dividend obligations at the 12% rate without requiring Bitcoin sales during market downturns. The cash balance also supports continued STRC repurchases if shares trade at prices management views as accretive. With $516.6 million still available for preferred repurchases and a largely unused $1 billion common-stock authorization, the company retains significant capacity for further buybacks. Investors will be watching whether equity markets remain receptive enough to sustain ATM issuance, or whether Strategy eventually taps the $1.25 billion Bitcoin monetization authorization.