Strategy (formerly MicroStrategy) has paused Bitcoin purchases for five weeks — its longest stretch without adding to its stash since 2024. Instead of buying more BTC, the company spent $25 million buying back 288,930 shares of its STRC preferred stock at an average price of $86.52 per share. The move comes as Strategy also added $544.5 million to its USD Reserve from MSTR stock issuance, pushing that reserve to a record $3.75 billion.
The Bitcoin buying pause
Strategy holds 843,775 Bitcoin, acquired at an average price of $75,476 per coin — a total outlay of $63.69 billion. The five-week hiatus is the company's longest since 2024, though it hasn't said when it will resume purchases. The pause frees up cash for other uses, including the preferred-stock buyback.
Why buy back STRC?
STRC is a variable-rate perpetual preferred stock with a stated value of $100. It's currently trading below that level, which makes repurchases attractive. CEO Phong Le stated that buying back STRC below $100 reduces future preferred dividend obligations. Michael Saylor said Strategy intends to be a 'regular, disciplined buyer' of STRC while it trades below $100, and will not issue new STRC at that price.
The USD Reserve grows
Strategy's USD Reserve now stands at $3.75 billion, enough to cover roughly 25 months — or 2.1 years — of expected preferred-stock dividend payments. The company still has $975 million remaining under its $1 billion preferred-stock repurchase program, so more buybacks are likely.
Strategy has not announced a timeline for resuming Bitcoin purchases. With $975 million left in the buyback authorization and a stated policy of not issuing new STRC below $100, the company's next capital-allocation move will depend on where the preferred stock trades — and whether Bitcoin prices shift its calculus.
