Strategy, the Bitcoin (BTC) treasury company formerly known as MicroStrategy, has used up 64% of its $2 billion STRC repurchase program, leaving less than $724 million of authorized capacity as of Monday's filing with the U.S. Securities and Exchange Commission (SEC).

The document shows Strategy bought 1,534,530 STRC shares for $151.7 million.

STRC is a perpetual preferred stock listed on the Nasdaq exchange under the ticker STRC, a class of shares that carries no maturity date and ranks senior to common stock in a company's capital structure. It is part of a series of preferred share offerings Strategy has brought to market since 2025 — alongside STRK, STRF and STRD — as the company raises capital that is used primarily to increase its Bitcoin holdings.

Strategy began accumulating Bitcoin in 2020 and has grown into the largest corporate holder of the asset. The company rebranded from MicroStrategy to Strategy in February 2025 to reflect its Bitcoin-focused treasury strategy. Repurchase authorizations of this kind allow the firm to buy back outstanding preferred shares from holders, with progress disclosed through filings made with the SEC.

With $724 million or less of capacity still available, the remaining headroom under the $2 billion authorization is shrinking as the program approaches exhaustion. Future updates on how the remaining capacity is deployed, including any further repurchase totals, would surface through subsequent SEC filings — the same disclosure channel behind Monday's report.

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