Company Strategy for the second consecutive week did not change the volume of investments in bitcoin, directing capital towards repurchasing its own preferred shares.

According to a report filed with the Securities and Exchange Commission on September 14, from September 8 to 13, the company repurchased 1,420,467 shares of class STRC for $139.3 million.

Source of funds

The repurchase was fully financed from a dollar reserve, which as of September 14 amounted to $1.3 billion versus $1.44 billion a week earlier. The decline in balance nearly matches the amount spent on shares.

A separate reserve intended for payments on preferred securities held $5.1 billion.

Authorization to repurchase ordinary shares for $1 billion remains unused.

Bitcoin position frozen

Investment volume remained at 845,050 BTC. The position was acquired for $63.73 billion at an average price of $75,412 per coin including fees.

At current quotes, the value was $65.7 billion — approximately $2 billion in unrealized gains.

The last purchase occurred in late August: 4,603 BTC for $369.7 million. It was also the first since June.

What the pause means

The combination of halted purchases with large repurchases of its own securities shows a shift in priorities: the company is balancing between asset accumulation and supporting its preferred capital structure.

The repurchase volume declined from $176.3 million a week earlier. Approximately $1.05 billion remains available from the $2 billion program.

MSCI decision could alter flows

The main external risk for the company is MSCI's proposal under consideration to exclude companies classified as non-operating from global indices.

Public discussion closes September 30, with a decision expected October 16.

A classification change could redirect billions of dollars in passive fund flows tied to the company's index weighting.

This is a critical moment for the entire category of treasury companies: their shares are often purchased by index funds rather than investors consciously choosing cryptocurrency exposure.

Market context

Company shares fell 4.7% over the week, closing at $130.97. Bitcoin itself lost 3.9% over the same period.

According to industry trackers, 197 public companies hold bitcoin on their balance sheets. In the top five after Strategy are Twenty One (43,514 BTC), Metaplanet (43,000 BTC), MARA (35,577 BTC), and Bitcoin Standard Treasury Company (30,021 BTC).

This material is for informational purposes and does not constitute investment advice.