Strategy Doubles STRC Buyback Limit to $2 Billion Amid Ongoing Price Recovery Efforts

Strategy has increased its buyback limit for STRC preferred stock to $2 billion from $1 billion, in an effort to lift the shares back to their $100 par value. This move secures additional buying capacity after the company had already used more than 80% of the previous authorization. Strategy Chairman Michael Saylor had cited Sept. 8 as a potential date for STRC's price recovery, but it failed to regain $100.

The company has steadily increased its purchases since July to support STRC, buying 1.81 million shares for $176.3 million from Aug. 31 through Sept. 7 at an average price of about $97.36 each. Cumulative buybacks have reached about $811.5 million.

As funds were concentrated on STRC buybacks, additional purchases of Bitcoin (BTC) were halted again. Strategy's $1.44 billion in U.S. dollar cash could be used for Bitcoin purchases or capital-structure management. The company is focused on restoring STRC to the $100 level because it wants to use the security again as a funding tool.