Strategy has burned through 64% of its STRC rescue fund
Strategy, Michael Saylor’s BTC treasury company, has expended 64% of its once-$2 billion fund to repurchase STRC. After 10 weeks of trying to force its price higher, the company has already spent $1.28 billion and, as of...
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Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
Strategy, Michael Saylor’s BTC treasury company, has expended 64% of its once-$2 billion fund to repurchase STRC.
After 10 weeks of trying to force its price higher, the company has already spent $1.28 billion and, as of Monday’s filing, had less than $724 million left.
STRC was supposed to sustain a $100 per share price, but hasn’t for most of its trading history. When pitching it, Saylor and Strategy’s CEO have irresponsibly likened it to a high-yield bank account or money market, talking about its generous dividends while downplaying the risk that the share price could collapse.
In fact, STRC has spent more than a month trading in the $70s and $80s per share, and shares have traded below $99 on the majority of trading days over the past year.
Chart of STRC, trailing 12 months. Source: TradingViewEven though Strategy’s $2 billion Digital Credit Securities Repurchase Program technically allows repurchases of three other Strategy stocks — STRF, STRD, and STRK — the fund has only ever repurchased STRC.
Unlike STRC, Strategy has never stated any intended stable price for those other three stocks, so the de facto focus of the fund is obviously STRC.
STRC has responded to the corporate buying pressure. After falling below $72 per share as recently as June, it opened for trading today at $99.18.
Saylor, of course, has artificially engineered that rally and has retail shareholders to thank for funding it. Strategy’s dilution of MSTR — common stock that’s junior to STRC — originally funded almost all of Strategy’s USD that it has used to repurchase STRC.
STRC crashes as Strategy’s unrealized BTC losses exceed $13 billionRead more: MSTR has lost 75% of its value since STRC began trading
Diluting Strategy shareholders to buy back STRCSaylor has decided to spend the cash proceeds of common shareholder dilution aggressively.
Strategy spent $151.7 million repurchasing STRC last week — a rate six times higher than when it started 10 weeks ago.
The buybacks have also become more expensive, with last week’s average price paid climbing to $98.86 per STRC, up from an $86.52 average in late July.
Thanks to common shareholders’ dilution, Strategy has repurchased 13.3 million shares of STRC, roughly one in eight outstanding shares, as the company has tried to force the market to respect its $100 target.
Saylor introduced STRC in July 2025 as a perpetual preferred paying a variable dividend. He pitched the yield as derived from BTC without BTC-style volatility.
In Saylor’s view, BTC should rally approximately 30% per year anyway, so it should be no big deal to pay 9-12% dividends.
Unfortunately, BTC hasn’t rallied anywhere close to that figure over the last five years.
As BTC languished, its board of directors boosted STRC’s dividend to 12% and authorized a $1 billion buyback fund on June 29.
By September 8, the board had doubled that authorization to $2 billion.
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Bitcoin is showing up inside the Institutional Adoption theme, so this story is worth tracking for follow-through rather than treating it as a one-off headline.
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