Strategy Allocates $890 Million to Preferred Share Buybacks Over Five Weeks

Between September 14 and October 18, 2026, Strategy Inc. deployed $890 million toward repurchasing its preferred stock, according to Santiment data. Over the same five-week period, the enterprise software firm acquired 3,466 Bitcoin for $290 million, meaning buyback spending exceeded its digital asset acquisitions by a factor of three. On October 19, the company's board of directors expanded the share buyback authorization to $3 billion.

The repurchases were funded through a drawdown of the company's dollar cash balance, which fell from $1.3 billion on September 13 to $447 million by October 18. Strategy shares traded near $134 in premarket activity on October 20, down 1.5% from the prior day's close of $136, while Bitcoin hovered around $81,511.

While Strategy reported $122.4 million in analytics software revenue for the second quarter of fiscal 2026, its financial results were dominated by an $8.22 billion net loss tied to fair-value digital asset accounting. During that quarter, the firm raised $8.41 billion via common share issuance alongside sales of perpetual preferred shares. The company's primary preferred issuance, Stretch (STRC), carries a 12% annual dividend based on a $100 par value, with CEO Phong Le stating on an earnings call that the corporate target is for STRC to trade between $99 and $100.