TheBlock
Strategy (MSTR) repurchased 1.42 million STRC preferred shares for roughly $139.3 million between Sept. 8 and Sept. 13, according to an 8-K filed with the SEC on Monday. The buyback was funded from the firm's USD Cash reserve, which sat at $1.3 billion as of Sept. 14 alongside a $5.1 billion USD Reserve. Bitcoin holdings stayed at 845,050 BTC ($65.7 billion) for a second consecutive week, with no buys or sells executed during the period.
Why it matters
Two straight weeks without an addition marks a clear deviation from Strategy's accumulation pattern, and co-founder Michael Saylor has stopped posting his usual Sunday BTC tracker chart that historically telegraphed purchases. The firm has been operating under a new Digital Credit Capital Framework that restricts the USD reserve to preferred stock dividends and interest payments, while authorizing a $1 billion buyback program for digital credit securities initially targeting STRC. That program was expanded to $2 billion last week. Strategy also approved a $1 billion common stock repurchase and broadened its BTC Monetization Program to allow up to $5 billion in bitcoin sales, enough to fund reserves, dividends, interest, and security buybacks under the framework.
Market impact
Strategy common stock fell 4.7% on the week to close Friday at $130.97, while bitcoin dropped 3.9% over the same window. The broader treasury-company cohort is well off its 2025 peaks: MSTR is down around 71%, with an enterprise mNAV of 1.1, meaning the equity trades barely above the value of its bitcoin holdings. According to Bitcoin Treasuries, 197 public companies now run some form of bitcoin acquisition model. The next tier includes Tether-backed Twenty One with 43,514 BTC, Metaplanet at 43,000, MARA at 35,577, and the Adam Back and Cantor Fitzgerald-backed Bitcoin Standard Treasury Company at 30,021.
Frequently asked questions
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How much bitcoin does Strategy currently hold?
845,050 BTC, valued at roughly $65.7 billion at current prices. The figure has been unchanged for two consecutive weeks.
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Why did Strategy repurchase STRC shares?
The firm funded the $139.3 million buyback from its USD Cash reserve under a new Digital Credit Capital Framework that prioritizes digital credit securities repurchases.
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What does the expanded BTC Monetization Program allow?
Strategy can now sell up to $5 billion in bitcoin to fund its reserves, dividends, interest payments, and security repurchases under the new framework.
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What is Strategy's current mNAV?
Strategy's enterprise mNAV sits at 1.1, meaning the equity trades barely above the value of its bitcoin holdings. MSTR is down around 71% from its 2025 peak.
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How many public companies hold bitcoin on their balance sheets?
According to Bitcoin Treasuries data, 197 public companies have adopted some form of bitcoin acquisition model.
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