Highlights
- Strategy made no bitcoin purchases and no at-the-market share sales between Aug. 31 and Sep. 7, per a new SEC 8-K filing.
- The board doubled its Digital Credit Securities Repurchase Program to $2 billion, covering its STRF, STRC, STRK and STRD preferred stock.
- The company repurchased 1,810,885 shares of STRC stock for $176.3 million during the week.
- Strategy's 845,050 BTC now sit at an average cost of $75,412, showing an unrealized profit of roughly $2.4 billion.
No New Bitcoin, But a Bigger Buyback
Strategy, the bitcoin treasury company led by Michael Saylor, disclosed in a new SEC 8-K filing that it made no bitcoin purchases and sold no shares under its at-the-market equity program between Aug. 31 and Sep. 7. Instead of adding to its BTC stack, the company's board approved doubling the size of its Digital Credit Securities Repurchase Program from $1.0 billion to $2.0 billion, giving Strategy more room to buy back its own preferred stock rather than issue new equity or expand its bitcoin position this week.
A Week of Buybacks Instead of BTC
The filing shows Strategy used the expanded authority immediately, repurchasing 1,810,885 shares of its STRC variable-rate perpetual preferred stock for an aggregate $176.3 million during the reporting week. The buyback program now covers all four of Strategy's preferred stock classes — STRF, STRC, STRK and STRD — and as of Sep. 7 the company still had $1.19 billion of capacity left under the newly doubled program, plus a separate $1.0 billion of unused capacity under its common-stock (MSTR) repurchase authorization. That combination — pausing bitcoin accumulation while stepping up preferred-stock buybacks — marks a shift from the pattern Strategy set through most of 2025 and early 2026, when the company routinely tapped its at-the-market share program to fund near-continuous BTC purchases, in some weeks adding thousands of coins at a time. The pause is not without precedent: Strategy has gone multiple consecutive weeks without adding to its bitcoin position earlier this year as it worked through periods of share-price weakness relative to its net asset value, using buybacks instead to support its preferred securities rather than dilute shareholders to fund more coin purchases. The company's total bitcoin position remains unchanged at 845,050 BTC, acquired at an average cost of $75,412 per coin for a total outlay of roughly $63.7 billion.
Why the Pause Matters Now
The timing matters because Strategy's BTC stack is sitting on a real, if modest, gain again: at current prices, the position is worth an estimated $66.1 billion, an unrealized profit of roughly $2.4 billion, or 3.7% above cost. That is a meaningful swing from earlier in the year, when the same holdings were underwater by billions of dollars as bitcoin traded well below Strategy's blended cost basis, before a sharp rebound pushed the position back into the black. A company sitting on a profit, rather than actively buying more BTC, tends to read to the market as either caution about entering a macro-uncertain stretch at current prices, or simple capital-allocation discipline — directing available cash toward securities trading below par instead of adding bitcoin near the top of its recent range. For Strategy's various preferred-stock holders, the buyback expansion is a more direct benefit: repurchasing STRC below its $100 par value effectively retires the securities at a discount, supporting the instrument's price and signaling the company's capacity to defend it even without new equity issuance. For bitcoin markets more broadly, a week with no incremental buying from the largest corporate holder removes one source of standing demand, though the amount involved — a single week's pause — is small relative to Strategy's roughly $63.7 billion cumulative position and unlikely to move BTC's price on its own.
Related: Strategy CEO Vows to Outgrow Nvidia, Meta as $20.9B Raise Fuels BTC Stack
What to Watch Next
The next 8-K filing, expected around Sep. 14 given Strategy's weekly Monday disclosure cadence, will show whether the company resumes bitcoin purchases or continues prioritizing preferred-stock buybacks. Watch in particular whether Strategy taps its remaining $1.0 billion of MSTR share-sale capacity to fund a return to BTC buying, a move that would signal renewed confidence in accumulating at current prices, versus further draws on the now-$2 billion buyback program, which would suggest the company still sees more value in supporting its preferred securities than in growing its coin count for now. Strategy's STRC preferred stock has also been trading closer to its $100 par value in recent weeks, and continued buybacks at a discount would only accelerate that convergence — a dynamic preferred-stock holders will be watching alongside each weekly bitcoin disclosure.
FAQ
Did Strategy buy any bitcoin last week?
No. Strategy's Sep. 8 SEC 8-K filing disclosed no bitcoin purchases and no share sales under its at-the-market program for the week of Aug. 31 to Sep. 7.
How big is Strategy's buyback program now?
Strategy's board doubled its Digital Credit Securities Repurchase Program from $1.0 billion to $2.0 billion, covering its STRF, STRC, STRK and STRD preferred stock classes.
How much bitcoin does Strategy hold, and is it profitable?
Strategy holds 845,050 BTC at an average cost of $75,412 per coin, worth an estimated $66.1 billion at current prices — an unrealized profit of about $2.4 billion, or 3.7% above cost.
What did Strategy actually buy back last week?
The company repurchased 1,810,885 shares of its STRC preferred stock for an aggregate $176.3 million during the reporting week.
