Strategy buys back $139M of preferred stock — and, for a second week, no bitcoin
Strategy bought back $139.3 million of its STRC preferred shares last week and left its bitcoin stack flat at 845,050 BTC for a second straight week, funding the repurchase from cash reserves.
The company formerly known as MicroStrategy did not add a single satoshi last week. According to The Block, citing Strategy's own disclosures, the firm repurchased $139.3 million of its STRC preferred shares and left its bitcoin holdings unchanged at 845,050 BTC — worth roughly $65.7 billion at current prices — for the second week running.
Strategy said the buyback was funded from its USD Cash reserve. As of Sept. 14, it reported $5.1 billion in its USD Reserve and $1.3 billion in USD Cash. The bitcoin position sits on an acquisition cost of $63.7 billion at an average purchase price of $75,412, implying about $2 billion in paper gains and keeping the company's holdings above 4% of bitcoin's 21-million cap.
The repurchase runs through Strategy's new Digital Credit Capital Framework. Under it, the firm ring-fenced its USD reserve for preferred-stock dividends and interest, authorized a securities buyback program — initially prioritizing STRC — and, per The Block, raised that authorization from $1 billion to $2 billion last week. Separately it approved a $1 billion common-stock buyback and expanded its BTC Monetization Program to permit up to $5 billion in bitcoin sales to fund the reserve, dividends, interest and repurchases.
Key facts
- STRC preferred repurchased last week: $139.3M, funded from USD Cash reserve (Strategy disclosure, via The Block).
- Bitcoin holdings: 845,050 BTC (~$65.7B), unchanged for a second consecutive week (The Block).
- Reserves as of Sept. 14: $5.1B USD Reserve, $1.3B USD Cash (Strategy).
- Cost basis: $63.7B total, avg $75,412/BTC; ~$2B paper gain (The Block).
- Securities-repurchase authorization raised to $2B; BTC Monetization Program expanded to allow up to $5B in bitcoin sales (Strategy).
- MSTR closed Friday at $130.97, down 4.7% on the week; bitcoin fell 3.9% over the same period. Enterprise mNAV 1.1, shares ~71% off 2025 peak (The Block, citing the firm).
The real-world read
The company that made "never sell your bitcoin" a brand identity spent last week buying back its own paper instead of coins — and has now gone two weeks without touching its stack. That is a meaningful shift in posture, not a rounding error. The framework it's operating under explicitly authorizes selling up to $5 billion in bitcoin to service dividends and buybacks; whether or not it uses that headroom, the option now exists on paper where once it was heresy.
Two other tells, both from The Block: the enterprise mNAV has compressed to 1.1, meaning the market premium over the underlying bitcoin that powered years of accretive share issuance is nearly gone — the accumulation flywheel needs that premium. And Michael Saylor has stopped posting his weekly Sunday tracker chart, which historically front-ran buying announcements. Note that the reserve balances and cost basis come from Strategy itself, an interested party; the disclosures are unaudited here and single-sourced.
Not financial advice.
Sources
- The Block (secondary, reputable), Sept. 14, 2026 — reported the $139.3M STRC repurchase, unchanged 845,050 BTC holdings, reserve balances, cost basis, mNAV and share-price moves, drawing on Strategy's own disclosures, Bitcoin Treasuries data and the firm's figures. No marketing/sponsored material was used in this report.