Strategy has spent about $635.2 million repurchasing its STRC perpetual preferred stock, yet the security continues to trade below its $100 stated value. The latest market data puts STRC near $97.34, leaving a roughly 3% gap despite the company’s aggressive buyback campaign.

The repurchases have helped STRC recover sharply from its June low near $71. Strategy authorized up to $1 billion for preferred-security repurchases, with STRC receiving priority while it trades below par. That makes the buyback program a notable part of how the company is managing its capital structure, since preferred shares sit between common equity and debt in the stack and can be repurchased when market prices fall under stated value.

Buybacks Gain Momentum

Strategy’s latest purchase totaled about $151.8 million. The company bought roughly 1.56 million STRC shares at an average price of $97.48. That followed several earlier purchases that gradually lifted the security’s market price.

Strategy has said it intends to buy more aggressively when STRC trades at deeper discounts. However, the company plans to reduce its buying pace as the preferred stock approaches $100.

The strategy also carries an important economic benefit. Buying STRC below its $100 stated amount allows Strategy to retire preferred claims at a discount while reducing future dividend obligations.

Yield Keeps STRC Attractive

STRC currently carries a 12% annual dividend rate, paid semi-monthly in cash. Strategy has said it intends to maintain that rate until STRC demonstrates sustained, healthy trading near $100.

The company also maintains a policy of not issuing new STRC below $100. That limits additional supply while Strategy works to restore the preferred stock’s market value.

Competition may also influence investor demand. Strive’s competing preferred security offers a higher dividend rate and has recently traded around its $100 stated value, creating another option for income-focused investors.

Strategy’s broader capital plan now combines preferred-stock buybacks, a large dollar reserve and selective Bitcoin transactions. The company recently resumed Bitcoin purchases after a two-month pause, acquiring 4,603 BTC for about $369.7 million.

For STRC holders, the recovery toward $100 marks significant progress. However, the stock’s continued discount shows that Strategy’s buybacks alone have not yet fully restored the preferred security to its stated value, keeping attention on whether the company continues to prioritize repurchases as the price remains below par.