Strategy disclosed that the company repurchased approximately $139.3 million worth of STRC during the week ending September 13, but made no purchases or sales of Bitcoin. This marks the second consecutive week the company has paused additional Bitcoin accumulation, with its Bitcoin holdings remaining at 845,050 BTC.
Bitcoin position remains unchanged
The company disclosed that the cumulative cost of acquiring this portion of Bitcoin was approximately $63.73 billion, equivalent to an average cost of about $75,412 per coin, inclusive of related fees. In the previous week, Strategy used $176.3 million to repurchase securities, and the board doubled the authorization for digital credit security repurchases to $2 billion.
The repurchase funds for the latest week also came from USD Cash. This pool is centrally managed by management and can be used for securities repurchases, preferred dividend payments, and Bitcoin purchases.
There is still a balance remaining in the repurchase quota.
As of September 13, Strategy’s USD Reserve balance was $5.1 billion, primarily used to support preferred dividend and interest payments; the USD Cash balance was $1.3 billion, down from $1.44 billion a week earlier, with the decline roughly matching the amount of STRC repurchased this week.
According to the company’s disclosed data, approximately $1.05 billion remains available under the $2 billion digital credit securities repurchase program, and $1 billion remains unused under the MSTR stock repurchase authorization.
- STRC this week's buyback amount: approximately $139.3 million
- Remaining quota for digital credit securities repurchase: approximately $1.05 billion
- Remaining balance for MSTR stock buyback: $1 billion
The index adjustment results are still pending observation.
According to the credit panel disclosed by Strategy itself, the "BTC Credit Spread" for STRC is approximately 57 basis points. Internally, the company considers spreads below 150 basis points as investment grade.
Meanwhile, the market is also monitoring MSCI’s evaluation of whether “non-operating companies” will continue to be included in global stock indices. If the proposed plan moves forward, companies like Strategy, which center their balance sheets around Bitcoin reserves, could face adjustments in index weighting, potentially impacting passive capital flows.
MSCI's public consultation period ends on September 30, with results expected to be announced on October 16. Due to Strategy's significant weight in the relevant indices, the final decision could impact passive fund allocations amounting to billions of dollars.
Additional information: STRC mentioned in the article is one of Strategy’s digital credit securities; the associated risk premiums and repurchase arrangements are calculated based on the company’s own disclosed metrics.