Not Adding Bitcoin, Strategy Chooses STRC Buyback

Strategy's 8-K filing with the SEC on September 14, 2026 revealed interesting figures: the company founded by Michael Saylor spent $139.3 million to buy back STRC preferred shares during September 8-13, but did not touch Bitcoin at all. 

Holdings of BTC stayed at the same number for two consecutive weeks — a signal that this Bitcoin company's strategy is shifting from old habits.

Key Takeaways

• Strategy bought back 1,420,467 STRC shares worth $139.3 million on September 8-13, fully funded from USD cash without any Bitcoin transactions.
• Bitcoin holdings remain 845,050 BTC for two consecutive weeks, with a total acquisition cost of $63.73 billion.
• Strategy is still awaiting MSCI's decision on the "non-operating companies" classification, scheduled to be announced on October 16, 2026.

Details of the STRC Buyback and Bitcoin Position

According to a report by The Block, the entire $139.3 million for the STRC buyback came from USD Cash — cash that, under Strategy's Digital Credit Capital Framework, is specifically earmarked for preferred dividends, interest, and digital credit securities buybacks. This figure is down from the previous week's $176.3 million.

There was no buyback of common stock MSTR or other preferred shares (STRF, STRK, STRD) during this period. Before making investment decisions, you can monitor real-time crypto market data by registering an account at Bittime.

Strategy's Constantly Changing Capital Allocation Pattern

Since mid-2026, Strategy had sold Bitcoin to fund STRC buybacks, then on August 31 instead bought 4,603 BTC again — this time with funds from MSTR share sales, not STRC, according to Cointelegraph. 

CEO Phong Le emphasized that STRC funds are no longer automatically diverted to Bitcoin; BTC sales will continue as long as they are "commercially viable." This week's pattern — a pure buyback from cash without touching BTC — continues that flexible direction.

Read Also: Purbaya Removed from Finance Ministry, Becomes BI Governor? Check the Facts

The Shadow of the MSCI Decision

MSCI has opened a new consultation since August 2026 to evaluate "non-operating companies" through five financial indicators. A May 2026 simulation showed Strategy at risk of being eliminated from its global index, according to Cryptometer. 

Saylor and Le have already sent an open letter calling this proposal "discriminatory, arbitrary, and misguided," according to Decrypt — repackaging the 50% threshold proposal that MSCI had canceled in January 2026 after Strategy shares had briefly surged 6% following that cancellation, according to Bitcoin Magazine. 

The consultation ends September 30, and the final decision will be announced on October 16.

Read Also: BIS Reveals New Potential for XRP Ledger for the Digital Financial System

Conclusion

The $139.3 million STRC buyback this week confirms that Strategy is now running a much more flexible capital allocation than in its previous aggressive Bitcoin accumulation era. The 845,050 BTC holdings remain solid, but the direction of funds now alternates between dividends, buybacks, and BTC purchases depending on market conditions — while awaiting the MSCI decision that could affect MSTR shares in the near future.

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FAQ

What is STRC? 

STRC is Strategy's monthly dividend preferred stock designed to remain close to its $100 par value.

Why didn't Strategy buy Bitcoin this week? 

The company chose to use USD cash for the STRC buyback, in line with more flexible capital allocation under the Digital Credit Capital Framework.

What is the impact of the MSCI decision on Strategy shares? 

If Strategy is removed from the MSCI index, passive funds tracking that index could potentially withdraw their investments in large amounts.

How much Bitcoin does Strategy currently hold? 

As of September 13, 2026, Strategy holds 845,050 BTC with a total acquisition cost of $63.73 billion, at an average price of $75,412 per BTC.