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BTC Strategy once again skipped Bitcoin purchases and invested $139.3 million in cash in STRC preferred shares.
Strategy (formerly MicroStrategy) abandoned Bitcoin purchases in its latest round of operations and chose to use $139.3 million in cash to repurchase its STRC preferred shares. According to the company's latest update report, between September 8 and September 13, the company founded by Michael Saylor bought back 1,420,467 STRC shares, during which time it did not buy or sell any bitcoin, nor did it sell shares through a market-to-market offering plan.
As of now, Strategy holds a total of 845,050 BTC of bitcoins, with a total cost of approximately US$63.73 billion, and the average cost price of each bitcoin is US$75,412.
Strategic focus shift: Why choose STRC over more bitcoin
However, the more noteworthy story is how Strategy chose to deploy its available cash. This is not the first time Strategy has made this choice. In the previous reporting period, the company spent $176.3 million to repurchase approximately 1.81 million STRC shares and doubled the funding size of its "Digital Credit Securities Repurchase Program" from $1 billion to $2 billion.
Previous reports have pointed out that as Strategy gradually puts its capital structure above simply increasing its holdings of bitcoin, there has been a zero-bitcoin trading week and an expansion of the US$2 billion repurchase program. Combined with the latest spending of $139.3 million, Strategy's total spending on STRC over the past two reporting periods has exceeded $315 million.
There is a specific logic behind this move. Strategy said it wants STRC's trading price to fluctuate around its prescribed $100 face value and plans to repurchase if the share price falls below that level. Management believes that purchasing STRC at a discount will not only reduce future preferred stock dividend payment requirements, but also support the market price of the security.
Bitcoin treasury positions remain unchanged, but management strategies have evolved
The lack of buying behavior does not mean Strategy has abandoned Bitcoin. Its 845,050 BTC holdings still account for more than 4% of the fixed supply of 21 million bitcoins, making it one of the most important corporate holders at present. However, its operating methods have changed significantly.
Previous detailed reports showed that Strategy sold 6,916 bitcoins during the summer and subsequently bought back 4,603 more. This suggests that Bitcoin is increasingly being managed within broader capital allocation strategies rather than simply one-way accumulation plans. The current framework allows Bitcoin to be sold for purposes such as rebuilding reserves, funding preferred stock dividends and buying back securities.
This is a significant evolution from the "never sell" narrative advocated by Thaler in history.
The growing importance of cash reserves
According to a company announcement, as of September 13, Strategy had US$5.1 billion in USD Reserve and another US$1.3 billion in USD Cash. This distinction is crucial: Reserves are mainly used to cover preferred stock dividends and interest on debt, while dollar cash is used for a wider range of purposes, including Bitcoin purchases and capital management. Strategy had previously used US dollar cash to conduct STRC buybacks.
There has been previous analysis exploring whether Strategy is accumulating cash before the next Bitcoin purchase. Although the size of reserves has increased significantly since then, STRC's repurchase remains a priority.
Key Data Overview
- Bitcoin Positions: 845,050 BTC
- Bitcoin Acquisition Cost: US$63.73 billion
- Average Bitcoin Cost: US$75,412
- Latest STRC repurchase amount: US$139.3 million
- STRC shares repurchased: 1.42 million shares
- US$Reserve: US$5.1 billion
- US$1.3 billion
So the key question now is no longer just when Strategy will buy Bitcoin again, but whether STRC is still the best place to go for the company's next capital.
