STRC Buybacks: A Move to Improve Net Bitcoin Per Share Metric

The largest Bitcoin treasury company, Strategy (STRC), initiated open-market repurchases of its own shares last week (July 20 through July 26, 2026) as part of a $1 billion capital return program. In this period, STRC bought back 288,930 shares for approximately $25 million at an average price of $86.52.

The move follows the company's Digital Credit Capital Framework, announced on June 29 in response to June volatility. The framework authorized up to $1 billion of repurchases across STRC, STRF, STRD, and STRK, with STRC identified as the initial priority due to its status as Strategy's flagship product.

The company's common stock sits ahead of senior claims such as debt and preferred stock in its capital structure. The Net Bitcoin Per Share metric calculates the residual value of BTC owned by common shareholders after subtracting senior liabilities and adding back available cash. This metric provides a framework for measuring the accretive or dilutive effect of capital markets transactions on MSTR investors.

The STRC buyback creates gross accretion to MSTR as it retires liabilities at below their notional values, increasing the equity claim of common shareholders. In this case, Strategy paid an average of $86.52 to retire a security with a $100 stated amount, removing $13.48 from each share's value and creating a $3.895 million spread that accrues to MSTR.