Strategy Doubles Down on Bitcoin Buybacks with $176M STRC Repurchase

Strategy, a company founded by Michael Saylor, has repurchased $176 million worth of its own securities (STRC) and increased its Digital Credit Securities Repurchase Program from $1 billion to $2 billion. This move is part of Strategy's effort to finance its massive bitcoin position.

The company disclosed that it holds 845,050 bitcoins and $6.5 billion in U.S. dollar assets as of September 7. Saylor highlighted the tightening of BTC Credit, a metric used by Strategy to measure risk associated with its bitcoin-backed capital structure.

However, Peter Schiff, a longtime bitcoin critic, questioned whether STRC demand can hold without continued support from Strategy. He noted that even if the share buybacks push STRC's price back to $100, it won't address the underlying demand for the securities, which carry a 12% dividend.

Market observers will be watching closely to see whether STRC demand picks up steam without heavier repurchases or if Strategy must continue buying back its own securities. The key numbers to watch include STRC's price and demand, future repurchases, and any changes in Strategy's bitcoin position.