Crypto
Strategy's STRC Buybacks Worth $136M Dominate 16% Of Monthly Volume
Strategy is buying STRC at an accelerating pace, raising questions about its preferred-stock strategy and the pressure facing its balance sheet.
BLOCKINSIDERLoadingStrategy is buying STRC at an accelerating pace, raising questions about its preferred-stock strategy and the pressure facing its balance sheet.
Strategy just spent $136.4 million defending its own preferred stock. The buying happened between August 17 and 23, 2026.
Michael Saylor's firm is racing to prop up STRC near par. The reason is simple: dividends must keep flowing to holders. Now, one number stands out above the rest - 16%.
Strategy's STRC repurchases have now reached 5.17 million shares. That total spans five consecutive weeks of open-market buying. It started small, with 288,930 shares bought for $25 million in late July.
Since then, weekly purchases have climbed steadily. They rose to 912,143 shares, then 1.15 million, then 1.39 million shares. Last week's 1.43 million shares, worth $136.4 million, marked the largest single week yet.
Cumulatively, Strategy has deployed roughly $483.4 million. That leaves about $516.6 million of its $1 billion authorization untouched.
Of the 30.87 million STRC shares traded this month, Strategy alone accounted for 16% of that volume.
That is a striking figure for a company buying its own stock rather than issuing new shares. It shows that Strategy has become the single largest force moving STRC's tape.
Strategy has not added a single Bitcoin to its treasury since June 2026. That inaction contrasts sharply with its much-touted accumulation pace. The company's focus has visibly shifted toward covering obligations.
As BlockInsider recently detailed, Strategy is carrying a $4.65 billion cash reserve against $6.75 billion in debt and $15.24 billion in preferred stock across STRK, STRC, and STRD.
Blending current dividend rates against that preferred balance implies combined fixed obligations of $1.6 to $1.7 billion annually. Against the reserve, that leaves roughly 2.9 years of coverage.
Saylor has been direct about priorities. He told investors STRC and STRK "were designed to pay dividends," not MSTR common stock. Buybacks of MSTR itself remain off the table for now, tied to a deep discount to net asset value that hasn't yet arrived.
Strategy's updated mNAV methodology also complicates the picture. Basic mNAV sits at 0.66x, well below the enterprise measure of 0.99x. That gap fuels debate over how cheap the stock truly is right now.
Bitcoin has climbed back toward $79,000 this week, recovering sharply from July's lows near $65,000. The rebound follows renewed ETF inflows and softer macro data ahead of the Fed's Jackson Hole meeting.
Yet Bitcoin dominance still sits around 60.14%, keeping altcoins starved of fresh capital despite the broader market's improving mood.
Glassnode data points to altcoins entering a state of optimism, with potential euphoria not far behind. Should Bitcoin's rally extend and dominance ease, altcoin season may take hold. According to Glassnode,
“The altcoin market has entered a state of optimism. 85% of alts reached funding rates above their mean. This is the highest print we've seen for this metric since BTC was trading at all time highs. In an alt season, these conditions can last for many weeks.”
That matters directly for Strategy. A stronger Bitcoin price would help shrink the company's unrealized losses on its 840,447 BTC treasury, easing pressure on the same reserve funding STRC's defense.
For now, Strategy is walking a tightrope, buying back preferred shares. Moreover, the Company is steadily holding on to its Bitcoin, waiting for the market to turn in its favor enough so both sides of its balance sheet finally work again.
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