Strategy has restated its objective for STRC to trade between $99 and $100 over time after disclosing $193.1 million in preferred-share repurchases and a $3 billion buyback authorization.
Summary
- Strategy reiterated its $99–$100 STRC target after repurchasing $193.1 million of the preferred shares.
- The company raised its preferred-security buyback authorization to $3 billion, leaving $1.16 billion available.
- STRC carries a 12% annualized dividend rate, while current policy bars new issuance below $100.
- Strategy spent $385.5 million on STRC repurchases over two weeks, versus $43.6 million on Bitcoin.
Strategy said in an Oct. 19 post that its “objective is for $STRC to trade at $99-$100 over time,” alongside a graphic listing the measures it has taken to support the security. Its latest filing covers transactions between Oct. 12 and 18.
The company’s message follows a retreat below that range in the last completed US trading session. Stock Analysis’s historical table records an Oct. 16 close of $97.72, down 1.82%, after STRC traded between $97.56 and $99.50.
Measured against the $100 stated amount, Friday’s closing price represented a 2.28% discount. The stock had closed at $99.90 on Oct. 13, according to the same dataset, before finishing the week below the lower end of management’s target.
STRC support includes buybacks and a 12% dividend
In its accompanying graphic, the company listed a new capital framework, a 12% dividend rate, semi-monthly payments, $5.3 billion in dollar assets and roughly $1.8 billion of STRC repurchases. The image identified Oct. 28 as the date for a daily-dividend vote.
Strategy’s June 29 capital framework states that the $99-to-$100 range is an objective and gives no assurance that STRC will trade within it. Management reviews the dividend rate monthly, considering trading levels, market yields, credit spreads, Bitcoin’s price and volatility, reserve coverage and capital-market conditions.
Under that framework, a price below the stated amount does not automatically trigger a higher dividend. The company says it will not necessarily raise the STRC rate solely because the shares trade below $100.
Its July repurchase policy calls for more purchases at deeper discounts and a slower pace as the price approaches $100. Management said it would recommend maintaining the 12% annualized rate until the shares demonstrate sustained, healthy trading near that level.
The July release makes those policy statements of current intent that may change without notice. Dividend payments remain subject to board declaration, and the repurchase program carries no minimum spending requirement.
The $3 billion authorization includes earlier purchases
The Oct. 19 filing records 1,938,780 STRC shares repurchased for $193.1 million. Using the rounded spending total, the average purchase price was approximately $99.60 per share.
Strategy’s board raised its digital-credit repurchase authorization from $2 billion to $3 billion, including purchases already made and associated costs. The company reported $1.16 billion remaining after the latest transactions.
The authorization covers its preferred securities, while a separate MSTR common-stock repurchase program retained $1 billion in capacity. The latest weekly table records purchases of STRC alone.
Earlier coverage by crypto.news documented the company’s latest Bitcoin purchase alongside the expanded authorization. The filing supplies the transaction-level figures behind that announcement, including the share count and remaining buyback capacity.
One week earlier, Strategy spent $192.4 million buying STRC and $21.5 million acquiring 250 Bitcoin. Across the two reporting periods, disclosed STRC purchases totaled $385.5 million, compared with $43.6 million spent on Bitcoin.
Dividing those reported totals puts preferred-share repurchases at roughly 8.84 times Bitcoin acquisition spending. Both figures describe completed transactions during the two weeks, without establishing that management has committed to the same allocation in future periods.
STRC issuance policy links the price target to financing
Strategy’s July policy says it will not issue new STRC below $100 per share. In September coverage of its earlier STRC buybacks, CEO Phong Le’s stated issuance condition was quoted directly.
“when Stretch gets back to par, we’ll issue more.”
The same report documented $950.8 million in STRC repurchases across eight reporting periods through September 13. It cited company disclosures showing that common-stock proceeds and Bitcoin sales had funded portions of those earlier purchases.
In its June framework, management authorized Bitcoin monetization for specified purposes, including preferred dividends, interest expenses and securities repurchases. Any sales remain subject to market conditions, liquidity needs, taxes, and management’s assessment.
Strategy’s latest filing recorded no preferred-stock sales during Oct. 12–18. It reported $22 million in proceeds from selling 140,872 MSTR shares, with those proceeds directed toward Bitcoin purchases.
The company acquired 267 Bitcoin for $22.1 million, using another $100,000 of existing cash. Its disclosed holdings reached 848,517 BTC, purchased for $64.02 billion including fees and expenses.
Strategy keeps dividend reserves separate from buyback cash
Decrypt’s review of the Oct. 19 filing reported that Strategy funded the STRC repurchases from its general-purpose USD Cash balance. That balance stood at $447.3 million on Oct. 18, compared with $640.5 million a week earlier.
The separate USD Reserve held $4.83 billion after the company used $45.5 million to pay preferred dividends during the reporting period. Strategy’s reserve policy restricts that pool to supporting preferred dividends and interest payments and bars its use for STRC repurchases.
The company’s June authorization permits open-market purchases, block trades, privately negotiated transactions, tender offers and exchange offers, subject to applicable requirements. Its repurchase authorization has no fixed expiration date and can be modified, suspended, or terminated at any time.
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