Key Takeaways
- Michael Saylor’s Strategy bought no Bitcoin for a second consecutive week, leaving its holdings unchanged at 845,050 BTC.
- Instead, the company spent $139.3 million repurchasing 1.42 million shares of its STRC preferred stock between Sept. 8 and Sept. 13.
- Longtime Bitcoin critic Peter Schiff has intensified his attacks on Strategy and Saylor, arguing that the company’s capital structure is under mounting pressure.
Strategy has once again passed on buying Bitcoin, instead directing another $139 million toward supporting its preferred stock.
The Michael Saylor-led company repurchased 1,420,467 shares of its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) for approximately $139.3 million between Sept. 8 and Sept. 13, according to its latest filing.
The purchases were funded entirely from Strategy’s USD Cash reserve. The company did not buy or sell any Bitcoin during the period, marking the second consecutive week that its BTC holdings remained unchanged.
Strategy Puts $139M Into STRC, Not Bitcoin
Strategy currently holds 845,050 BTC, acquired for roughly $63.73 billion at an average purchase price of $75,412 per coin. Its last purchase came in late August, when it acquired 4,603 BTC for $369.7 million.
The latest STRC repurchase follows an even larger $176.3 million buyback the previous week.
Strategy also recently doubled its Digital Credit Securities Repurchase Program from $1 billion to $2 billion, giving management greater capacity to support STRC and its other preferred securities. Around $1.05 billion remained available under the program following the latest purchases.
STRC is particularly important to Strategy’s financing model. The perpetual preferred security was designed to trade around a $100 par value and provides the company with another route for raising capital alongside common stock and debt.
Buying STRC below par can therefore support the security while reducing the number of preferred shares on which Strategy must pay dividends.
Why Has Strategy Paused Bitcoin Buying?
The move does not necessarily signal that Saylor has abandoned his Bitcoin strategy.
Instead, it highlights how Strategy’s priorities have broadened as it manages the increasingly complex financing structure built around its enormous Bitcoin treasury.
As of Sept. 14, Strategy reported $5.1 billion in its USD Reserve and another $1.3 billion in USD Cash. The reserve is intended primarily to cover preferred dividends and debt interest, while USD Cash can be deployed more flexibly, including for Bitcoin purchases and securities repurchases.
Some Strategy supporters are also questioning whether STRC should remain central to the company’s financing strategy. X user Strategy ₿et argued that STRC creates a double liquidity burden because Strategy needs cash both to service its payments and support the security through buybacks. It suggested retiring STRC could reduce future MSTR dilution and allow the company to refocus capital on accumulating Bitcoin rather than expanding its “digital credit” ambitions.
Earlier this year, CryptoQuant argued that Strategy should temporarily halt Bitcoin purchases and rebuild its cash position, warning that growing preferred-stock dividend obligations were putting pressure on the company’s financing model.
Peter Schiff Turns Up Heat on Saylor
The pause has provided fresh ammunition to Peter Schiff, one of Saylor’s most persistent critics.
Schiff has recently focused his criticism on Strategy’s preferred securities and falling share price, arguing that the company’s financing model becomes increasingly problematic when its securities trade below their intended values.
He has also argued that issuing common stock at a discount to Bitcoin net asset value to fund additional BTC purchases can destroy value for existing shareholders rather than increase Bitcoin exposure per share.
For now, however, Strategy is not selling its Bitcoin.
Its 845,050 BTC position remains intact and represents more than 4% of Bitcoin’s maximum 21 million supply.
What has changed is where new cash is going. For two weeks running, Saylor’s company has chosen to defend its own capital structure rather than add another batch of Bitcoin — an unusual pause for a company whose identity has been built around relentlessly buying BTC.
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The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Dr. Guneet Kaur is a senior editor at CCN.com and a Science Fellow at Exponential Science. She is a fintech and blockchain expert with extensive experience in digital finance education, blockchain ecosystems, and cryptocurrency markets. She has worked with global media such as Cointelegraph, as well as education and blockchain platforms, to design and lead strategic content and learning initiatives. As an educator and assessor for top-tier executive programs, she bridges real-world fintech trends with academic insight.
Dr. Kaur is also a published researcher and peer reviewer across fintech and data science journals, including Financial Innovation Journal and International Journal of Big Data Intelligence and Applications. Her work spans data-driven analysis, Web3 innovation, and technical content development. With a strong foundation in both industry and academia, she translates complex financial technologies into practical applications, empowering learners, professionals, and institutions across the rapidly evolving digital finance landscape.
