Key Highlights
- Between September 8 and September 13, Strategy bought back $139.3 million worth of STRC preferred stock, using exclusively its USD Cash reserve.
- The firm’s Bitcoin position stayed constant at 845,050 BTC (valued at $65.7 billion) for the second consecutive week.
- USD Cash reserves dropped to $1.3 billion on September 14, down from $1.44 billion seven days earlier.
- Michael Saylor has discontinued his weekly Bitcoin tracking posts on social media, which historically preceded BTC acquisition announcements.
- A pending MSCI index decision on October 16 may eliminate Strategy’s benchmark status, potentially affecting billions in passive investment flows.
Strategy’s shares slid 4.7% over the past week, settling at $130.97 on Friday, as the firm extended its Bitcoin acquisition pause to a second week while channeling resources into preferred share repurchases.
During the September 8-13 window, Strategy reacquired 1,420,467 units of STRC preferred stock totaling $139.3 million, drawing exclusively from its USD Cash holdings.
The USD Cash reserve registered $1.3 billion as of September 14, reflecting a decrease from $1.44 billion reported the previous week. This reduction aligns closely with the capital deployed for STRC repurchases.
The company made no repurchases of STRF, STRK, or STRD preferred shares during this timeframe. Additionally, a previously authorized $1 billion common stock buyback program remained untouched.
The $139.3 million STRC repurchase volume represented a decline from the $176.3 million executed in the preceding week. As of September 13, roughly $1.05 billion remains available under the company’s $2 billion digital credit securities buyback initiative.
Strategy maintains a separate USD Reserve, earmarked specifically for preferred stock dividends and interest obligations, which stood at $5.1 billion on September 14.
Bitcoin Position Holds Steady for Two Consecutive Weeks
Strategy’s aggregate Bitcoin holdings remained at 845,050 BTC, purchased at an average entry price of $75,412 per coin, representing a cumulative investment of $63.73 billion. Based on current market valuations, the portfolio is worth $65.7 billion, suggesting approximately $2 billion in paper profits.
The company’s most recent Bitcoin acquisition occurred in late August, when it added 4,603 BTC for $369.7 million. This purchase also marked the first addition to its holdings since June.
Bitcoin’s price declined 3.9% during the same period that saw Strategy’s stock fall.
Strategy’s Bitcoin cache accounts for over 4% of the cryptocurrency’s fixed 21 million coin maximum supply. Data from Bitcoin Treasuries indicates that 197 publicly traded companies currently maintain BTC on their corporate balance sheets.
The four largest Bitcoin holders trailing Strategy include Tether-backed Twenty One (43,514 BTC), Metaplanet (43,000 BTC), MARA (35,577 BTC), and Bitcoin Standard Treasury Company (30,021 BTC).
Pending MSCI Decision Creates Additional Uncertainty
Michael Saylor has discontinued his traditional Sunday Bitcoin holdings updates across social platforms. These announcements had previously functioned as unofficial advance indicators of forthcoming BTC acquisitions.
Strategy currently awaits an MSCI determination regarding a proposal that would exclude companies designated as non-operating entities from global equity benchmarks. The public consultation period concludes September 30, with a final ruling anticipated October 16.
Should the classification change take effect, it could trigger the redirection of billions in passive investment capital currently allocated based on Strategy’s existing benchmark inclusion.
According to Strategy’s internal credit monitoring system, STRC’s BTC Credit spread hovers around 57 basis points, comfortably below the company’s self-defined investment-grade ceiling of 150 basis points. The blended breakeven annualized return currently stands at 2.48%, with a duration extending 40.3 years.
MSTR stock remains approximately 71% below its 2025 high, trading at an enterprise market-cap-to-NAV ratio of roughly 1.1.
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