Strategy Inc., a business intelligence firm turned a Bitcoin treasury company, announced Tuesday that it has repurchased $176 million of its Variable Rate Series A Perpetual Stretch Preferred Stock, known as STRC, while simultaneously doubling the size of its Digital Credit Securities Repurchase Program from $1 billion to $2 billion.
The update, disclosed in its latest 8–K filing, comes as the company continues to manage its complex capital structure built around Bitcoin holdings and a suite of preferred securities designed to provide investors with varying degrees of exposure to the cryptocurrency.
As of September 8, 2026, Strategy reported holding 845,050 Bitcoin alongside $6.5 billion in USD assets. The company, which trades under the ticker $MSTR, has positioned itself as a leader in treating Bitcoin as a primary treasury reserve asset while maintaining a legacy business intelligence software operation.
The latest repurchase activity targets STRC shares trading below their $100 par value, a strategy management has described as accretive to the overall capital structure by retiring future dividend obligations at a discount.
The expanded $2 billion authorization covers the company’s outstanding digital credit securities, including STRC, STRF, STRD, and STRK. Repurchases can occur through open-market purchases, block trades, or other permitted methods depending on market conditions.
Strategy first established the original $1 billion program in late June 2026 as part of a broader Digital Credit Capital Framework that also included a USD reserve policy, adjustments to STRC dividends, common stock repurchase authority, and a limited Bitcoin monetization program.
Credit Metrics Tighten Amid Stable Holdings
In a follow-up update, Strategy noted that STRC’s BTC Credit tightened to 53 basis points, a one-basis-point improvement. The calculation assumes 105 Bitcoin annualized return, 40% Bitcoin volatility, and a Bitcoin price of $79,809. The company maintains a public dashboard for these metrics as part of its Regulation FD disclosures.
The announcement arrives after a period in which Strategy balanced Bitcoin accumulation with opportunistic sales and share issuance. Earlier in the summer the firm paused new Bitcoin purchases at times to build USD reserves and fund preferred dividends, later resuming modest buys funded by at-the-market sales of common stock. Holdings have remained near the 845,000 BTC level in recent weeks after incremental purchases of several thousand coins.
Strategy’s approach reflects an evolution from its earlier years of consistent weekly Bitcoin accumulation. The firm now operates a more flexible treasury model that allows limited Bitcoin sales to support liquidity needs while preserving long-term exposure to the asset. Its Bitcoin stack represents roughly 4% of the cryptocurrency’s maximum 21 million supply and constitutes the bulk of all Bitcoin held by publicly listed companies.
Investors have watched the preferred securities closely because their variable dividends and credit metrics are tied to Bitcoin’s performance and the company’s reserve coverage. The tightening of BTC Credit and the larger buyback authorization suggest management sees current pricing as favorable for reducing claims on the company’s future cash flows.
The company has not indicated any change to its core thesis of Bitcoin as a superior treasury asset. With more than $6.5 billion in dollar-denominated assets now on the balance sheet, Strategy appears positioned to cover preferred obligations for an extended period even in a prolonged Bitcoin downturn. Market participants will next look to upcoming 8-K filings for precise details on the latest week’s activity and remaining authorization capacity under the newly enlarged program.
Also read: Strategy (MSTR) Stock’s Price Target Debate Comes Down to Bitcoin; Analyst Sees $350