Strategy has spent $635.2 million buying back its STRC preferred shares, yet the security still trades near $97 as Michael Saylor's informal Sept. 8 target for reaching $100 par approaches. Only $364.8 million remains under the $1 billion buyback authorization, and the firm has resumed Bitcoin purchases even as repurchase costs climb each week.
Michael Saylor has roughly one week left to steer STRC back to its $100 par value by his informal Sept. 8 target, a deadline calculated from a 70-trading-day recovery window that started May 28. Yet the financial machinery needed to close the final gap is running hot, and Strategy has restarted Bitcoin purchases at the same time, signaling confidence its balance sheet can absorb both demands.
The final $3 is costing Strategy more
When Strategy began repurchasing STRC in July, management planned to deploy more capital at deep discounts, then scale back as the security neared $100. Instead, weekly spending has accelerated as the discount narrowed: from $25 million at a 13.48% discount in late July. By the week of Aug. 24-30, weekly spending had reached $151.8 million at a 2.52% discount.
Every share retired below $100 still eliminates $100 of stated value and its 12% annualized dividend obligation. However, the firm now has just $364.8 million left under its $1 billion authorization, and that runway could narrow quickly at the recent pace of spending.
MSTR and Bitcoin are funding the repair
Strategy has leaned on its two biggest sources of capital to finance the STRC campaign. Between late June and early August, the firm sold a net 6,916 Bitcoin across four transactions to cover preferred-stock obligations and repurchases.
Last week, Strategy pivoted back to equity issuance, selling 4.53 million MSTR shares for $602.8 million in net proceeds: $151.8 million went to the latest STRC repurchase and $50.7 million covered STRC dividends. The company also spent $369.7 million to acquire 4,603 Bitcoin, its first purchase in roughly two months, pushing its total holdings to 845,050 BTC. Strategy has also ring-fenced a $5.1 billion USD Reserve for preferred dividends and debt interest, backed by a separate roughly $1.6 billion pool of flexible cash.
Competing yield products are crowding the market
The July 2025 offering that created STRC was originally slated for 5 million shares, or $500 million, before demand pushed it to more than 28 million shares and $2.52 billion raised. By July 2026, Saylor said Digital Credit was entering the institutional mainstream, pointing to $756 million of STRC held across three preferred-stock ETFs, where it was the largest individual holding in all three.
But as STRC nears $100, rivals are multiplying. Strive has expanded its SATA preferred stock, which carries a 13% annual dividend and pays distributions every business day. Metaplanet has acquired licensed securities platform Siiibo Securities to build its own Bitcoin-linked yield products.
STRC's real test begins once Strategy pulls back its own purchases and asks outside investors to hold the line near $100. If demand weakens as issuer support fades, reaching $100 may prove easier than sustaining it.
Source: CryptoSlate
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