Author: Brian Danga

Translation: Deep Tide TechFlow

Deep Tide Introduction: Bitcoin treasury company Strategy (MSTR) has repurchased about 14.2 million STRC preferred shares using its cash reserves, costing approximately $139.3 million; it did not buy or sell Bitcoin that week, maintaining a position of 845,050 coins. The company increased its digital credit repurchase authorization to $2 billion and retained an authorization for up to $5 billion in Bitcoin monetization—its capital structure toolbox is still operational while BTC remains stable.

Bitcoin (BTC) treasury company Strategy (NASDAQ: MSTR) repurchased approximately 1.42 million STRC preferred shares from September 8 to September 13, costing about $139.3 million. The company disclosed this operation in an 8-K filing submitted to the U.S. Securities and Exchange Commission (SEC) on Monday.

The company stated that the repurchase funds came from its USD cash reserves. As of September 14, the USD reserves and the USD cash balance were $5.1 billion and $1.3 billion, respectively.

Strategy did not buy or sell any Bitcoin that week, with total holdings remaining at 845,050 BTC (approximately $6.57 billion) for the second consecutive week.

The company's holdings still represent over 4% of the Bitcoin supply cap of 21 million coins; at current prices, the paper profit is approximately $2 billion. The cumulative purchase cost is about $63.7 billion, with an average purchase price of around $75,412.

Michael Saylor, co-founder and executive chairman of Strategy, has not released his usual Bitcoin holdings tracking charts in recent weeks. He used to post on Sundays, often interpreted by the market as a signal for acquisition; with the company's strategic adjustment and stabilization of Bitcoin holdings, these posts have noticeably decreased recently.

Under the new "Digital Credit Capital Framework," Strategy has restricted the use of USD reserves to preferred share dividends and interest payments, and authorized up to $1 billion for repurchasing its digital credit securities, initially focusing on STRC. This repurchase authorization was raised to $2 billion last week.

The company also approved a $1 billion common stock repurchase authorization and expanded its "BTC Monetization Program" to allow for the sale of up to $5 billion in Bitcoin to replenish reserves, pay dividends and interest, and repurchase securities under this framework.

According to Bitcoin Treasuries data, approximately 197 publicly traded companies are adopting some form of Bitcoin allocation model. Besides Strategy, the top five also include Tether-supported Twenty One (43,514 BTC), Metaplanet (43,000 BTC), MARA (35,577 BTC), and Bitcoin Standard Treasury Company supported by Adam Back and Cantor Fitzgerald (30,021 BTC).

The stock prices of this group have significantly retreated compared to the 2025 peaks, and the premium relative to their net asset value (mNAV) has notably shrunk. For example, in Strategy's case, the stock price has fallen about 71% from its peak, with a business value mNAV of about 1.1.

Strategy's common stock fell 4.7% last week, closing at $130.97 on Friday; during the same period, Bitcoin decreased by approximately 3.9%.