Strategy doubles its stock buyback to $2 billion to pull its STRC shares back to $100

Strategy doubled the size of its preferred-stock repurchase program to $2 billion Tuesday as Michael Saylor’s Sept. 8 recovery benchmark arrived with STRC still short of its $100 stated value.The board’s decision extends a campaign that was approaching the limits of its original $1 billion authorization after seven weeks of increasingly large purchases.Data from STRC.live showed that STRC entered Tuesday around $97 to $98, leaving the variable-rate preferred roughly 2% below the level Strategy has spent much of the summer trying to restore.Sept. 8 had emerged as an informal milestone after Saylor compared STRC’s latest recovery with the roughly 70 trading days the security initially needed to climb from its $90 offering price to $100.Instead, Strategy reached the date by expanding how much capital it can commit to the repair.The taper that wasn’tStrategy’s move comes as its STRC purchases pushed the buyback campaign deeper into territory management had initially expected to avoid as STRC approached par.Between Aug. 31 and Sept. 7, the company acquired 1.81 million STRC shares for $176.3 million, implying an average price of about $97.36. Cumulative spending since July has now reach...