MicroStrategy's Michael Saylor spent $950M repurchasing STRC preferred shares to push them toward $100 par value, enabling reissuance for additional Bitcoin purchases.
Macro & Markets ·
MicroStrategy deployed approximately $950 million between mid-July and mid-September to repurchase 9.96 million shares of STRC, its perpetual preferred stock, representing roughly 18% of trading volume during that period. The buyback effort lifted STRC to a high near $99, up from a prior low around $70. Funding came from approximately $765 million in MSTR share sales and $161 million in Bitcoin sales, according to reporting on the strategy.
The buyback aims to restore STRC's trading value to or above its $100 par value, a threshold that analysts identified as necessary for the company to reissue the security and deploy those proceeds toward additional Bitcoin purchases. STRC had previously fallen below this level, constraining that funding mechanism.
Whether the stock will sustain trading near par, and how quickly any reissuance and Bitcoin deployment might occur, remain unspecified in available reports.