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BTC Strategy Inc. Repurchased nearly 142 million preferred shares, and Bitcoin positions remained unchanged for two consecutive weeks
According to Strategy Inc. (formerly known as MicroStrategy) filed a Form 8-K filing with the U.S. Securities and Exchange Commission (SEC) on September 14, showing that during the week ended September 13, 2026, the company spent approximately US$139.3 million to repurchase 1,420,467 variable-rate Series A perpetual rollover preferred shares (STRC), without conducting any bitcoin trading operations during the period. The report marks the second consecutive week that the Tysons Corner, Virginia-based company has kept its Bitcoin position unchanged. Since changing its name in early 2025, Strategy is widely regarded as the world's largest holder of corporate bitcoin.
Repurchase execution
Between September 8 and September 13, Strategy spent US$139.3 million to repurchase STRC shares, while suspending its other repurchase plans-including STRF, STRK, STRD and Class A common stock (MSTR)-during the week. The NASDAQ-listed convertible preferred stock carries a variable dividend and the company announced on August 31 that it would maintain its annual dividend yield at 12.00% starting in the mid-month period starting on September 16. Repurchase of preferred shares helps reduce the number of preferred shares outstanding and future dividend payment obligations.
Thedocument states that after completing the latest round of purchases, approximately US$1.05 billion in total purchase price lines are still available under the company's digital credit securities repurchase program, while US$1 billion is still available under its MSTR stock repurchase program.
Bitcoin positions remain stable
The company also disclosed that it did not sell shares under the "mark-to-market"(ATM) program, nor did it buy or sell any bitcoins during this period. As of September 13, Strategy held approximately 845,050 bitcoins, with a total acquisition cost of US$63.73 billion, and the average price per bitcoin was approximately US$75,412 (including fees and expenses). The suspension follows its announcement at the end of August to purchase 4,603 bitcoins for US$369.7 million, making it two weeks since the company's last bitcoin acquisition. This is in sharp contrast to the near-regular pace of position building that the company has been doing almost every week for years.
Shifts in capital priorities
This update highlights the company's broader adjustments in capital allocation. Strategy is increasingly directing funds towards preferred stock buybacks rather than new bitcoin accumulation. In early September this year, the company doubled the size of its preferred stock repurchase program to US$2 billion, formally establishing this strategic shift. The latest repurchase action shows that although its bitcoin reserves remain among the top of the global corporate crypto asset treasury, the company is reducing its preferred stock liability. Disclosure next week will show whether the company will resume Bitcoin purchases or continue to channel capital towards its preferred stock program.
