MicroStrategy slowed its stock buyback to $139M this week while holding its 845k BTC position steady.
Macro & Markets ·
MicroStrategy scaled back its preferred-stock repurchase program this week, acquiring 1,420,467 shares of STRC for $139.3 million between September 8 and 13, according to an SEC filing. The pace represented a pullback from the prior week's $176.3 million in buybacks. The Bitcoin treasury firm did not purchase or sell any of its holdings during the period, maintaining its position at 845,050 BTC—a position it has held unchanged for two consecutive weeks.
The company drew entirely on its USD Cash reserve to fund the STRC repurchases, with that liquidity pool declining to $1.30 billion as of September 13. Strategy has approximately $1.05 billion remaining under its $2 billion digital credit securities repurchase authorization and a separate $1 billion available for common MSTR stock buybacks. The company's 845,050 BTC was acquired for a cumulative $63.73 billion at an average cost of $75,412 per coin.
Strategy's STRC security carries an implied credit spread of roughly 57 basis points against its Bitcoin collateral, keeping it within what the company defines as investment-grade territory at under 150 basis points. Meanwhile, the firm awaits an MSCI decision on whether to exclude "non-operating companies" from its global equity benchmarks, with feedback closing September 30 and a ruling expected October 16.