Strategy stock buyback hits $139.3M as bitcoin purchases stay paused

Strategy, the Nasdaq-listed company once known as MicroStrategy, is once again putting its cash to work on itself rather than on bitcoin. In a fresh Strategy stock buyback, the firm repurchased 1.42 million shares of its STRC preferred stock for roughly $139.3 million between September 8 and September 13, according to a filing with the Securities and Exchange Commission. Notably absent from the filing: any new bitcoin purchases.

Key takeaways

• Strategy spent about $139.3 million buying back 1.42 million STRC preferred shares between September 8 and 13.
• The company still holds 845,050 bitcoins, worth roughly $66.2 billion at current prices.
• Strategy’s cash reserves stand at $5.1 billion in USD Reserve and $1.3 billion in USD Cash.
• MSTR shares rose 3% but remain down more than 75% from their November 2024 peak.
• CEO Phong Le says the company has a “bullet-proof balance sheet” despite an $8.22 billion quarterly loss reported in July.

Strategy pauses bitcoin purchases to repurchase preferred stock

The filing confirms what analysts have been watching for weeks: Strategy is prioritizing its own equity over accumulating more bitcoin, at least for now. The $139.3 million spent on STRC shares between September 8 and 13 marks a continuation of a pattern that has defined much of 2026 for the company.

Details of recent STRC stock buyback

Strategy’s repurchase of 1.42 million STRC preferred shares represents a direct use of corporate cash toward supporting its own stock rather than expanding its crypto treasury. This is not the first time this year the company has redirected funds this way, and the move signals a shift in capital allocation priorities that has become increasingly visible since early 2026.

Temporary halt in bitcoin acquisitions

Strategy went ten weeks without buying bitcoin earlier this year before briefly resuming purchases in the final week of August, when it scooped up nearly $370 million worth of the cryptocurrency. That buying spree, however, was short-lived. The company hasn’t purchased any bitcoin since, leaving its holdings unchanged through the latest filing period.

Why this matters: Strategy built its entire investment identity around relentless bitcoin accumulation. A pause of this length, paired with active stock buybacks, suggests the company is treating capital deployment more selectively than in years past, weighing its own undervalued shares against the opportunity cost of buying more crypto.

Robust bitcoin holdings and cash reserves underpin Strategy’s position

Despite skipping bitcoin purchases again, Strategy remains by far the largest corporate holder of the asset, and its balance sheet still carries significant liquidity beyond its crypto stack.

Current bitcoin treasury size and valuation

The company’s bitcoin treasury holdings total 845,050 coins, worth an estimated $66.2 billion at today’s prices. That figure alone makes Strategy the dominant player among publicly traded firms holding bitcoin, dwarfing the holdings of any other corporate treasury.

Cash reserves split: USD Reserve and USD Cash

Beyond its crypto stack, Strategy maintains two distinct cash balances. Its USD Reserve holds $5.1 billion, while a separate USD Cash account carries $1.3 billion. Together, these reserves give the company flexibility to fund buybacks, cover obligations, or eventually resume bitcoin purchases without immediately tapping its crypto holdings.

Financial performance and stock market reaction

Strategy’s stock ticked higher on Monday even as the broader trend for MSTR shares remains deeply negative compared to their all-time high.

Stock price trends since peak

Shares of the Nasdaq-listed bitcoin company gained 3% on Monday, but that uptick does little to offset the bigger picture: MSTR stock has lost more than 75% of its value since setting a record in November 2024, just one month before bitcoin itself crossed the $100,000 threshold for the first time.

Reported quarterly loss and CEO’s confidence

The scale of that decline sits alongside a rough earnings report. In its quarterly results released in July, Strategy posted an $8.22 billion loss, largely tied to paper losses on its bitcoin holdings amid price swings. CEO Phong Le has pushed back against reading too much into that number, insisting the company’s financial footing remains solid. He described Strategy’s position as a “bullet-proof balance sheet,” arguing that the MicroStrategy financial loss reflects accounting mechanics rather than operational distress.

Le has also downplayed the significance of occasional small bitcoin sales, comparing Strategy’s scale to that of a major financial institution. “We’re the J.P. Morgan of the crypto economy, so whether we sell 1,000 bitcoin out of 840,000 to me is irrelevant to the conversation,” he said in a later interview.

Company evolution and management stance on bitcoin sales

Strategy’s current balancing act between buybacks, cash reserves, and bitcoin holdings traces back to a pivotal decision made years before the company adopted its current name.

Strategic pivot from enterprise software to bitcoin treasury management in 2020

Formerly known as MicroStrategy, the company started life as an enterprise software business. In 2020, it pivoted toward buying and holding bitcoin, initially framing the move as a way to protect shareholders from inflation. That pivot eventually turned Strategy into the most aggressive corporate bitcoin buyer in the market, reshaping its entire identity around corporate bitcoin holdings.

Founder Michael Saylor’s bitcoin retention philosophy versus recent sales

Founder and chairman Michael Saylor has long been one of bitcoin’s most vocal corporate advocates, famously urging investors to “never sell your bitcoin.” Yet the company itself has, on select occasions, sold small portions of its BTC stash this year — a departure from that stated philosophy, even as the vast majority of its 845,050 coins remain untouched.

Why this matters: The gap between Saylor’s public stance and the company’s recent trading behavior highlights a broader tension facing large-scale corporate bitcoin holders — balancing ideological commitment to holding with the practical demands of managing debt, preferred stock obligations, and shareholder value during periods when the stock trades well below its own bitcoin-backed net asset value.

FAQ

Why did Strategy repurchase preferred stock instead of buying bitcoin recently?

Strategy shifted focus this year to buying back its stock and building cash reserves rather than making bitcoin purchases.

How large are Strategy’s bitcoin holdings and cash reserves?

Strategy holds 845,050 bitcoins valued at $66.2 billion, with $5.1 billion in USD Reserve and $1.3 billion in USD Cash.

What is the financial condition of Strategy despite recent losses?

CEO Phong Le stated the company has a “bullet-proof balance sheet” despite an $8.22 billion loss recorded in its July quarterly earnings.

Has Strategy completely stopped buying bitcoin?

After a ten-week break, Strategy resumed bitcoin purchases in late August but has not bought bitcoin since.

Article produced with the assistance of artificial intelligence and reviewed by the editorial team.