Strategy Shifts Priorities, Repurchases Preferred Stock Instead of Buying More Bitcoin

Strategy, the Nasdaq-listed company formerly known as MicroStrategy, has shifted its priorities in capital allocation. Instead of buying more bitcoin, it recently repurchased $139.3 million worth of its STRC preferred stock.

The company bought back 1.42 million shares between September 8 and September 13, according to a filing with the Securities and Exchange Commission. This move marks a continuation of a pattern that has defined much of 2026 for Strategy.

Strategy's bitcoin holdings remain significant, with 845,050 coins valued at $66.2 billion at current prices. The company maintains two distinct cash balances: its USD Reserve holds $5.1 billion, while a separate USD Cash account carries $1.3 billion.

CEO Phong Le has described Strategy's financial position as 'a bullet-proof balance sheet,' despite an $8.22 billion quarterly loss reported in July. He attributed the loss to paper losses on its bitcoin holdings and downplayed the significance of occasional small bitcoin sales, comparing Strategy's scale to that of a major financial institution.