Strategy Doubles Bitcoin (BTC) Preferred-Share Buyback Program to $2 Billion

Strategy Doubles STRC Buyback

Strategy, the world's largest corporate holder of Bitcoin (BTC), has turned its capital-management machinery toward its own preferred stock. According to the company's official announcement, it repurchased 1,818,085 STRC shares for roughly $176 million between August 31 and September 7, at an average price of about $97.36 per share. In the same disclosure, Strategy doubled its Digital Credit Securities Repurchase Program — the buyback framework covering its preferred instruments — from $1 billion to $2 billion.

The intent is explicit: keep STRC, the variable-rate perpetual preferred Strategy uses to raise capital for its Bitcoin-buying program, pinned near its $100 par value. Unlike common shares, STRC pays a dividend and functions as one of the company's primary fundraising channels. Management has committed to directing repurchase funds toward STRC whenever it trades below face value, and the market rewarded that commitment: the stock closed at $98.04, up 0.3% from the prior close of $97.75, and touched $98.20 intraday — its strongest print in roughly three months, dating back to June. STRC's recovery matters beyond the ticker, because a stable preferred stack is what lets Strategy issue new instruments at par to fund future purchases.

Just as notable is what the filing omits: fresh coin accumulation. Strategy bought no BTC during the window, leaving its strategic Bitcoin reserve at 845,050 BTC as of September 7, assembled at a cumulative cost of about $63.73 billion — an average entry of roughly $75,412 per coin. That untouched position, which dwarfs every other corporate treasury in the sector, signals management sees repairing its preferred-stock capital stack as the higher-value use of cash this week — a decision corporate Bitcoin adoption watchers will parse closely.

Strive Adds 1,375 BTC

While Strategy stood pat, Bitcoin treasury company Strive kept accumulating. In an 8-K filed with the U.S. Securities and Exchange Commission on September 8, Strive disclosed the purchase of 1,375 BTC between August 31 and September 4 for approximately $109 million, at an average of $79,281 per coin. The acquisition lifted holdings from 23,156 to 24,531 BTC, placing the firm among the fastest-growing whales in the corporate cohort.

Chairman and CEO Matt Cole said on X that 70% of the capital raised during the week came from sales of SATA, the company's preferred stock, whose notional has climbed to $999 million — “time to break the $1 billion wall,” he wrote. Chief risk officer Jeff Walton added that holdings expanded 5.9% week over week, the third consecutive week of growth above 5%. Strive has publicly declared it will overtake Twenty One Capital, which holds 43,514 BTC, before year-end; with roughly 16 weeks left on the calendar, that target demands about 1,200 BTC per week.

The preferred-share funding engine contrasts sharply with Japan's Metaplanet, which holds roughly 43,000 BTC but has paused accumulation after its mNAV slipped below 1 and pivoted to buybacks, closing at 244 yen on September 8 (see our coverage of the Metaplanet insider share freeze). Advocates argue preferred issuance creates persistent buy-side demand even in drawdowns; skeptics counter that Strategy's own STRC slipping below par shows the structure has yet to survive a deep correction. Every week Strive sustains its pace, the race for second place among corporate holders tightens behind Strategy's dominant 845,050 BTC. Readers tracking the market in real time can follow live spot and futures prices on Bitget.

$79,276 Resistance in Focus

COINOTAG's proprietary 42-indicator composite S/R scoring engine rates the $79,276 resistance at 79/100, driven by the confluence of Ichimoku Tenkan, the pivot point and Fibonacci 0.114, while the $77,648 support scores 78/100 from Fibonacci 0.214, the 20-day EMA and S3. Spot trades at $78,718, down 0.41% over 24 hours, with RSI at 60.11 and a bearish MACD signal inside the uptrend confirmed by our earlier golden cross analysis. Derivatives positioning is constructive: funding sits at 0.0040%, open interest at $15.49 billion and the long/short account ratio at 1.40 (58.3% long), while the Fear & Greed Index reads 66 — Greed. A daily close above $79,276 targets $80,885; losing $77,648 invalidates the bullish read.