Key Takeaways
- Between September 8 and September 13, Strategy deployed $139.3 million to repurchase STRC preferred stock, using exclusively its USD Cash reserve.
- The company’s bitcoin position stayed flat at 845,050 BTC (valued at $65.7 billion) for a second consecutive week.
- As of September 14, Strategy’s USD Cash reserve totaled $1.3 billion, reflecting a decrease from $1.44 billion recorded the previous week.
- Michael Saylor has discontinued his customary Sunday Bitcoin tracking posts on social platforms, which had historically preceded BTC acquisition announcements.
- MSCI is scheduled to announce a potential index classification change on October 16 that could eliminate Strategy’s benchmark inclusion, affecting billions in passive investment flows.
Shares of Strategy experienced a 4.7% decline over the past week, settling at $130.97 on Friday, as the firm maintained its bitcoin freeze for a second straight week while channeling resources into preferred stock redemptions.
During the September 8-13 period, the company bought back 1,420,467 units of STRC preferred stock, spending $139.3 million drawn completely from its USD Cash holdings.
The cash reserve balance dropped to $1.3 billion by September 14, compared to $1.44 billion from the preceding week. This reduction corresponds directly with the capital deployed for STRC acquisitions.
The company did not repurchase any STRF, STRK, or STRD preferred stock units during this timeframe. Additionally, a $1 billion common stock repurchase authorization remained untouched.
The $139.3 million allocated to STRC buybacks represented a decrease from the $176.3 million utilized in the previous week. Roughly $1.05 billion remains available under the company’s $2 billion digital credit securities buyback program as of September 13.
Strategy maintains a distinct USD Reserve, designated specifically for preferred stock dividend distributions and interest obligations, which contained $5.1 billion on September 14.
Bitcoin Position Remains Static for Two Consecutive Weeks
Strategy’s aggregate bitcoin holdings remained unchanged at 845,050 BTC, purchased at an average price of $75,412 per coin for a cumulative investment of $63.73 billion. Based on current market values, the portfolio is worth $65.7 billion, suggesting approximately $2 billion in unrealized appreciation.
The company’s most recent bitcoin acquisition occurred in late August, when it purchased 4,603 BTC for $369.7 million. This transaction marked the first BTC addition since June.
During the week Strategy’s shares fell, bitcoin itself depreciated 3.9%.
Strategy’s bitcoin portfolio accounts for over 4% of bitcoin’s finite 21 million coin supply limit. Based on Bitcoin Treasuries tracking data, 197 publicly traded corporations currently maintain BTC on their balance sheets.
The four largest bitcoin holders following Strategy are Tether-supported Twenty One (43,514 BTC), Metaplanet (43,000 BTC), MARA (35,577 BTC), and Bitcoin Standard Treasury Company (30,021 BTC).
MSCI Decision Creates Additional Uncertainty
Michael Saylor has ceased publishing his weekly Sunday Bitcoin tracking updates across social media channels. These posts had traditionally functioned as an advance indicator of forthcoming BTC purchase disclosures.
Strategy currently awaits an MSCI determination regarding a proposed rule change that would exclude entities categorized as non-operating companies from global equity benchmark indexes. The public feedback period for this consultation concludes on September 30, with MSCI’s final determination anticipated on October 16.
Should the classification modification be implemented, it could trigger the reallocation of billions of dollars in passive index fund capital currently linked to Strategy’s existing benchmark position.
According to Strategy’s internal credit metrics dashboard, STRC’s BTC Credit spread currently measures approximately 57 basis points, remaining comfortably within the company’s self-defined investment-grade ceiling of 150 basis points. The blended breakeven annualized return stands at 2.48%, paired with a duration of 40.3 years.
MSTR stock continues trading roughly 71% below its 2025 high, with an enterprise market-cap-to-NAV ratio hovering around 1.1.
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