Strategy Spends $950M on Buybacks, STRC Nears $100 Par Value Return

Strategy is leveraging a large-scale buyback to push the price of its perpetual preferred stock STRC back toward the $100 par value, aiming to restore its bitcoin financing capacity. Between July 20 and September 13, Strategy repurchased a total of 9.96 million STRC shares, spending approximately $950 million, accounting for about 18% of the trading volume during the period. Of this, roughly $765 million can be traced to sales of MSTR common stock, while about $161 million came from bitcoin reductions. STRC had previously fallen to around $70, and has recently rebounded to as high as approximately $99. Analysts believe that only when STRC's price approaches or exceeds the $100 par value can Strategy more effectively reissue the security and use the proceeds to purchase bitcoin. However, whether STRC can continue to hold near par value after Strategy scales back its buybacks remains uncertain.