Strategy repurchases $174M in STRC shares as total buybacks cross $1.12B

Strategy has repurchased approximately $174 million worth of its Variable Rate Series A Perpetual Stretch Preferred Stock, known by its ticker STRC, pushing the company’s cumulative buybacks under that program past $1.12 billion. The news sent STRC up 11.9%, a meaningful single-session move for a preferred share that is supposed to be the boring, stable part of a company’s capital stack. The repurchase was disclosed around September 21, 2026, and was funded through cash reserves rather than Bitcoin sales, which is a point Strategy clearly wants investors to notice. How the buyback program got here Strategy launched what it calls its Digital Credit Securities Repurchase Program on June 29, 2026, with an initial authorization of $1 billion. The program was doubled to $2 billion authorization around September 8, 2026, leaving roughly $1.19 billion still available for future repurchases after the latest transaction. The core logic of the program is straightforward: STRC has a par value of $100 per share, and when it trades below that level, buying it back at a discount is mathematically accretive. Every share retired below par effectively captures the spread between the market price an...