Strategy Closes In On STRC's $100 Target with $785M in Reserves

Strategy has made significant strides in closing the final $5 gap to its target of $100 for its preferred stock STRC. The company's latest purchase was its largest, with Strategy spending $108.6 million on 1.1 million shares during the week ended Aug. 9. This brings the total value of STRC shares acquired by the company over the past three weeks to approximately $214.8 million.

The purchases have helped narrow the security's discount and contributed to its steady recovery from a late-June low of about $74. STRC traded around $95 on Monday, extending this trend.

Strategy has also been using its Bitcoin treasury to fund these purchases. Over the past two weeks, the company sold 3,328 BTC for about $213.3 million while spending $189.8 million on STRC during the same period. This represents a significant portion of Strategy's overall Bitcoin holdings, which now stand at 840,447 BTC.

With $785.2 million available under its Digital Credit Securities Repurchase Program, Strategy still has ample resources to continue closing the gap towards its target.