Strategy Doubles Buyback Capacity Amid Bitcoin-Backed Securities Concerns

Strategy announced on Tuesday that it had bought back $176 million in STRC shares and doubled its buyback program to $2 billion. The move aims to reassure investors about its ability to support its bitcoin-backed securities.

The company holds 845,050 bitcoins and $6.5 billion in cash as of September 7, 2026. Michael Saylor, the CEO of Strategy, tightened the internal risk metric for its BTC Credit structure to 53 basis points, assuming an annual bitcoin yield of 10% and volatility of 40%.

Peter Schiff, a long-time critic of bitcoin, questioned the real demand for STRC without continuous buybacks. He argued that even if the price drops to $100, Strategy won't be able to issue more securities due to lack of demand.

Strategy's online shop sells a 'BTC-themed' Air Jordan 1 sneaker for $250, but only accepts regular credit cards and Apple Pay as payment methods, not bitcoin. This apparent contradiction raises questions about the company's commitment to using its own reference currency.