Strategy Buys Back $139M in Preferred Stock, Leaves Bitcoin Stack Untouched for Second Straight Week

The Buyback

Strategy Inc. (Nasdaq: MSTR) repurchased 1,420,467 shares of its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) for approximately $139.3 million during the week ended September 13, 2026, according to a Form 8-K filed with the SEC on Monday.

The repurchase was funded entirely from the company's USD Cash reserve, which dropped from $1.44 billion to $1.30 billion over the week — tracking almost exactly with the buyback spend. The company's larger USD Reserve, earmarked for preferred dividends and debt interest, remained steady at $5.10 billion.

Notably, Strategy left its other repurchase programs untouched: no STRF, STRK, STRD, or MSTR common stock was bought back during the period. About $1.05 billion remains available under the $2 billion digital credit securities program, with the separate $1 billion MSTR authorization fully intact.

Bitcoin Holdings: Frozen for Two Weeks

Strategy bought and sold no Bitcoin for the second consecutive week, leaving its holdings unchanged at 845,050 BTC. That stack was acquired for an aggregate $63.73 billion** at an average price of **$75,412 per coin, including fees.

The pause follows a $369.7 million purchase** of 4,603 BTC reported at the end of August — the company's first acquisition after a 10-week hiatus. At current prices, Strategy's position carries roughly **$2 billion in unrealized gains, a modest cushion given the scale of the holding.

The OrangeX.com Take: Why This Matters Beyond Strategy

Strategy's pivot from Bitcoin accumulation to preferred-stock buybacks is the clearest signal yet that the corporate Bitcoin treasury playbook is maturing. For years, the company functioned as a near-relentless Bitcoin accumulator, issuing equity and debt to buy more BTC almost every week. That cadence has now broken.

The new Digital Credit Capital Framework formalizes this shift. Strategy can now sell up to $5 billion in Bitcoin** to fund reserves, dividends, interest, and securities repurchases — a striking reversal from the "never sell" ethos that defined the Saylor era. The company also doubled its preferred buyback program to **$2 billion earlier this month, explicitly prioritizing liability management over BTC accumulation.

The market's reaction is instructive. MSTR closed at $136.94 on Monday, up 4.56% — suggesting investors view the buyback discipline favorably. The 12% STRC dividend, while costly, has kept the preferred shares trading near par after a summer swoon to $75.

For crypto traders, the key takeaway is this: Strategy is no longer the marginal buyer that once provided a quasi-guaranteed bid for Bitcoin. The company's capital allocation has shifted toward defending its capital structure. If Bitcoin weakens materially, the $5 billion monetization program means Strategy could become a seller, not a buyer. That's a structural change worth monitoring.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrency markets are highly volatile — do your own research before making any trading decisions.