Strategy, the company formerly known as MicroStrategy, just bought back 288,930 shares of its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) for $25 million. That works out to roughly $86.52 per share, a meaningful discount to the stock’s $100 par value.
The repurchase marks the first transaction under Strategy’s Digital Credit Securities Repurchase Program, which was announced on June 29, 2026, and authorizes up to $1 billion in aggregate purchases. STRC is being prioritized in the initial phase of that program.
Why Strategy is buying its own preferred stock at a discount
STRC was designed to trade near its $100 par value, but the market has other ideas, with shares hovering around $86.89 at recent prices. Strategy can retire $100 of face-value obligation for roughly $87 in cash.
STRC carries a variable dividend rate currently set at 12% annualized, paid out semi-monthly. But because shares trade below par, the effective yield for holders who buy at market prices clocks in around 13.81%.
