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For the week of September 21–27, 2026, Strategy spent $151.7 million repurchasing its STRC preferred shares and $142.7 million buying Bitcoin—a $9.0 million difference in favor of buybacks. The prior week’s gap was much larger, but an earlier August week favored Bitcoin, so the figures show changing weekly allocations rather than a permanent shift in policy.
How much did Strategy spend on STRC buybacks versus Bitcoin?
Strategy’s September 28, 2026 Form 8-K reports completed transactions for September 21–27: $151.7 million to repurchase 1,534,530 STRC shares and $142.7 million to acquire 1,665 BTC. The buyback outlay was $9.0 million higher. These are company-reported transaction amounts, not an independent estimate. Strategy’s September 28 Form 8-K
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The prior reporting week, September 14–20, showed a wider difference: $174.0 million in STRC repurchases versus $75.7 million for 950 BTC, or $98.3 million more spent on buybacks. Strategy said it had $875.1 million of preferred-security repurchase capacity remaining at that point. Strategy’s September 21 Form 8-K
| Reporting period | STRC repurchases | Bitcoin purchases | Relative allocation |
|---|---|---|---|
| September 21–27, 2026 | $151.7 million; 1,534,530 shares | $142.7 million; 1,665 BTC | Buybacks higher by $9.0 million |
| September 14–20, 2026 | $174.0 million; 1,771,238 shares | $75.7 million; 950 BTC | Buybacks higher by $98.3 million |
| August 24–30, 2026 | $151.8 million; share count not stated in the cited filing | $369.7 million; 4,603 BTC | Bitcoin purchases higher by $217.9 million |
The August comparison comes from Strategy’s August 31 filing and illustrates why two consecutive weeks are not enough to establish a durable spending pattern. Strategy’s August 31 Form 8-K As of October 5, 2026, the latest located official weekly update covered transactions only through September 27.
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What STRC is—and what a buyback does
STRC is Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock, listed on Nasdaq under ticker STRC. Repurchasing STRC means Strategy is buying back and retiring shares of its own preferred security; it is a separate use of capital from acquiring Bitcoin. The share count and BTC count in the filings describe different assets and should not be compared as equivalent units. Strategy’s Form 10-Q for the quarter ended June 30, 2026
Why Strategy says it is buying back STRC
Strategy’s stated objective is for STRC to trade near its $100 stated amount. In its July 27, 2026 announcement, the company said it intends to be a regular, disciplined buyer while STRC trades below $100, with repurchases generally larger at deeper discounts and tapering as the price approaches $100. That is management’s stated intent, not a guarantee about future purchases or the share price. Strategy’s July 27 announcement
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Strategy’s rationale is that buying preferred shares below their stated amount may reduce future preferred dividend requirements at a discount. CEO Phong Le described the company’s view this way: “At prices below $100 per share, STRC repurchases represent an attractive allocation of capital because they can reduce future preferred dividend requirements at a discount.” This is management’s assessment of the capital allocation, not a guaranteed savings outcome. Strategy’s July 27 announcement
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Funding differed by week. For September 21–27, Strategy reported $103.5 million of net proceeds from MSTR stock sales used for STRC repurchases and $48.1 million of USD Cash used for those repurchases. It said the $142.7 million of Bitcoin purchases was funded with net proceeds from MSTR stock sales. Strategy’s September 28 Form 8-K
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For September 14–20, the filing identified $174.0 million of USD Cash as the source for STRC buybacks. The June 30 quarterly filing says potential future repurchase funding may also include proceeds from Bitcoin sales. It distinguishes the USD Reserve, which is intended for preferred dividends and debt interest; using that reserve for other purposes requires further board authorization. Strategy’s Form 10-Q for the quarter ended June 30, 2026
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.The program is discretionary, not a fixed buying commitment
Strategy’s June 30 Form 10-Q describes a preferred-stock repurchase program authorized for up to $1 billion. STRC is expected to receive initial priority if management determines repurchases are accretive and strengthen the capital structure. The authorization does not require Strategy to repurchase a minimum amount, and the company may modify or terminate the program. Decisions depend on factors including market price, liquidity, available capital, legal requirements and other considerations. Strategy’s Form 10-Q for the quarter ended June 30, 2026
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