Strategy Buys Back $139 Million of STRC, Bitcoin Stack Frozen for Second Week — SkimNews
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- Strategy repurchased 1,420,467 STRC preferred shares for $139.3 million between September 8 and 13, down from $176.3 million the prior week, funded entirely from its USD Cash reserve per an 8-K filed with the SEC.
- Strategy made no Bitcoin purchases for a second straight week, leaving holdings at 845,050 BTC acquired for $63.73 billion at an average price of $75,412 per coin.
- STRC carries a BTC Credit spread of roughly 57 basis points (assuming 10% annualized Bitcoin return and 40% volatility), keeping the security inside Strategy's investment-grade band of under 150 basis points.
- Strategy's dollar balances stood at $5.10 billion in USD Reserve and $1.30 billion in USD Cash as of September 13, with the USD Cash decline from $1.44 billion tracking almost exactly with the $139.3 million STRC buyback.
- Roughly $1.05 billion remains available under Strategy's $2 billion digital credit securities repurchase program, alongside a separate $1 billion untouched authorization for MSTR common stock buybacks.
- MSCI is weighing a proposal to strip 'non-operating companies' like Strategy from its global equity benchmarks, with consultation feedback closing September 30 and a decision due October 16.
Why it matters: Strategy is directing capital toward buybacks rather than adding Bitcoin near $77,266, even though its 845,050 BTC already sit about 2.5% above the $75,412 average cost basis. With the MSCI index review decision due October 16 potentially moving billions in passive fund flows, the STRC repurchase program functions as a price-support mechanism for the very securities an index exclusion could pressure.
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