Strategy Spends $635M Buying Back STRC as Bitcoin Holdings Grow

Its latest repurchase totaled approximately $151.8 million, with Strategy paying an average of about $97.48 per share.

Strategy Adds 4,603 BTC

The preferred-stock activity comes alongside Strategy's return to Bitcoin purchases.

The company recently acquired 4,603 BTC for approximately $369.7 million, paying roughly $80,000 per Bitcoin.

The purchase increased Strategy's total Bitcoin holdings to approximately 845,050 BTC, valued at around $65.9 billion based on the reported figures.

The acquisition marked Strategy's first Bitcoin purchase in roughly two months and reinforced its position as one of the world's largest corporate holders of Bitcoin.

STRC Remains Below $100 Par Value

Strategy's aggressive STRC buybacks have helped narrow the gap between the preferred stock's market price and its $100 par value.

However, the stock has yet to return to that level.

STRC currently offers an annualized dividend rate of approximately 12%, with payments made semi-monthly.

The preferred shares are designed to provide investors with a different exposure to Strategy compared with its common stock, combining a dividend component with exposure to the company's Bitcoin-focused balance sheet.

Strive's SATA Creates Competition

Strategy is also facing competition from Strive's SATA preferred stock.

SATA offers a reported 13% annualized dividend rate, with dividends paid daily. That compares with STRC's 12% rate and semi-monthly payments.

SATA has remained close to its $100 par value, allowing Strive to issue additional shares through its at-the-market program.

The company has used proceeds from the program to help finance additional Bitcoin purchases, including the acquisition of approximately 1,800 BTC over the past week.

The difference in performance highlights the importance of dividend terms and market demand in the growing Bitcoin treasury preferred-stock sector.

MSTR and ASST Show a Wider Divergence

The competition is also visible in the companies' common shares.

Strive's ASST shares have gained approximately 60% year to date, while Strategy's MSTR has declined around 15% over the same period.

The divergence comes despite both companies pursuing Bitcoin accumulation strategies.

For Strategy, the challenge is balancing continued Bitcoin purchases with demand for its growing collection of preferred securities.

STRC's ability to trade near or above its par value is particularly important because a stronger market price can make future capital raising more attractive.

Why the Preferred-Stock Market Matters for Bitcoin

Strategy's financing model has become an important part of the broader Bitcoin market.

Rather than relying exclusively on common-stock issuance or debt, the company has increasingly used preferred securities to raise capital.

That capital can then support additional Bitcoin purchases.

The model creates a connection between preferred-stock demand and corporate Bitcoin accumulation:

Investor demand → Capital raised → Bitcoin purchases → Larger BTC treasury

If demand for preferred securities remains strong, Strategy could continue expanding its Bitcoin holdings without relying solely on common equity.

However, weak demand or declining preferred-stock prices could make additional fundraising more expensive.

What to Watch

Several factors will remain important for Bitcoin investors:

• STRC price: Whether it can return to its $100 par value.

• STRC buybacks: Whether Strategy continues using its $1 billion authorization.

• Bitcoin purchases: Whether the company resumes a more aggressive BTC accumulation pace.

• SATA competition: Whether Strive's higher dividend continues attracting investors.

• MSTR performance: The relationship between Strategy's common stock and its Bitcoin holdings.

• BTC price: Bitcoin's market value remains a major factor behind the economics of both companies' treasury strategies.

Bottom Line

Strategy has now spent approximately $635.2 million repurchasing STRC, attempting to support the preferred stock as it trades below its $100 par value.

At the same time, the company has resumed Bitcoin accumulation, adding 4,603 BTC and bringing its holdings to approximately 845,050 BTC.

The growing competition from Strive's SATA preferred stock adds another layer to the Bitcoin treasury race, particularly as investors compare dividend yields and share-price performance.

For Bitcoin markets, the bigger story is how companies such as Strategy and Strive continue developing new financing structures to acquire more BTC.

As the competition intensifies, preferred-stock demand could become an increasingly important source of capital for corporate Bitcoin accumulation.

• Strategy — Official Investor Relations

• Strategy Bitcoin Holdings

• Strategy SEC Filings

• Strive — Official Website

• SEC — EDGAR Company Filings