Strategy Doubles Preferred-Stock Buyback Program to $2 Billion

Strategy Inc. doubled the authorization for its preferred-stock repurchase program to $2 billion on Sept. 8, while reporting that it bought or sold no bitcoin during the preceding week.

The board action expands the pool available for buybacks of the company’s digital credit securities. In a Form 8-K filed with the U.S.

Securities and Exchange Commission, Strategy said $1.19 billion remained available under the Digital Credit Securities Repurchase Program as of Sept. 7. The authorization covers purchase prices as well as commissions, fees and expenses, including repurchases already completed.

Strategy spent $176.3 million repurchasing STRC Between Aug. 31 and Sept. 7, the company repurchased 1,810,885 shares of its variable-rate Series A perpetual Stretch preferred stock, traded as STRC, for an aggregate $176.3 million.