Strategy Prioritizes $950 Million STRC Buyback Over Bitcoin Accumulation

Strategy Inc. has made a strategic decision to prioritize a $950 million buyback of its STRC variable-rate preferred shares, overshadowing its Bitcoin acquisition efforts. Since July 20, the company has spent approximately $950.8 million on buybacks, more than double the amount allocated for Bitcoin purchases during the same period.

According to a filing on September 14, Strategy repurchased 1,420,467 STRC shares between September 8 and September 13, fully funded by its USD cash balance. Notably, the company did not engage in any Bitcoin transactions during this reporting period, nor did it sell any shares through its at-the-market program.

From July 20 to September 13, Strategy repurchased around 9.96 million STRC shares, while its Bitcoin purchases were limited to 4,603 BTC acquired for $369.7 million between August 24 and August 30. This indicates a spending ratio of approximately $2.57 on STRC for every $1 spent on Bitcoin.

Strategy's management has indicated that the buyback policy is designed to reduce future preferred-dividend requirements by repurchasing shares below their stated amount of $100. Although the company anticipates that buyback activities will taper as the share price approaches this threshold, the timing and amounts remain at their discretion.

As of September 13, Strategy held 845,050 BTC, and its flexible USD cash balance stood at $1.3 billion. The company also maintains a separate USD reserve of $5.10 billion, designated for preferred dividends and debt interest, which is not authorized for STRC repurchases.

Despite the focus on buybacks, the board has increased the preferred-security repurchase authorization to $2 billion, leaving about $1 billion available as of September 13. This provides Strategy with the flexibility to continue supporting its preferred shares while Bitcoin purchases may remain sporadic.

New Developments on Satsuma Technology

• Satsuma Technology, previously known as Streaks Gaming and Tao Alpha, has seen a drastic 99% decline from its peak in 2025.
• The company raised £168.9 million ($227.6 million) during the 2025 BTC treasury boom but has since liquidated its entire treasury of 669 BTC.
• Satsuma is currently under High Court procedures to disburse £30.7 million ($41.4 million) to shareholders by the end of September.
• Mark Moss, the Chief Bitcoin Strategist, stated that UK regulations prevent the company from returning BTC to investors, requiring them to refund the dollar amount instead.
• As of April 2026, Pantera Capital was reported to be among the investors urging Satsuma to sell its remaining BTC due to the company's plummeting market value.
• In July 2026, shareholders voted over 90% in favor of winding down the company, despite the board's recommendation to continue operations.
• Satsuma's average sale price for its last BTC was £47,667 ($64,272), which is 43% lower than its average purchase price of £84,026 ($113,000) per BTC.