Strategy's Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) rose above $94, reaching its strongest level since mid-June and recovering more than 30% from its June low, when the shares traded below $80 during a broader market downturn. The rebound has been driven by continued share repurchases, an enlarged U.S. dollar reserve, and ongoing dividend distributions.

Buyback Program Supports STRC Recovery

Over the past two weeks, Strategy repurchased approximately $106 million worth of STRC shares. The buybacks are part of a previously authorized share repurchase program of up to $1 billion, of which the majority — roughly $894 million — remains available for future use. The program is designed to support STRC as it works toward returning to its $100 stated value, the reference price at which dividend obligations are calculated.

Investors who acquired shares during the June selloff have also collected dividend payments during the price recovery.

Cash Reserve Expanded to $4 Billion

Strategy increased its U.S. dollar reserve to roughly $4 billion after adding an additional $250 million. According to the company, this reserve can cover more than two years of dividend obligations across its preferred securities — approximately 2.3 years of coverage.

STRC's annual dividend rate remains at 12%, with distributions made twice per month. During its earnings call, Strategy described the reserve as a core component of its capital management strategy aimed at supporting preferred shareholders. The sizable dollar reserve stands in contrast to the company's broader treasury posture, which is overwhelmingly Bitcoin-weighted.

Bitcoin Sales Fund Dividend Commitments

To bolster liquidity, Strategy sold 5,226 BTC for approximately $321 million across several transactions, reducing its total Bitcoin holdings to about 842,137 BTC — a position that still represents the largest corporate Bitcoin treasury publicly disclosed. Management indicated that Bitcoin holdings can be deployed to meet financial obligations rather than serving solely as an inactive treasury asset, a notable shift from the company's long-standing posture of accumulation.

Addressing the company's Bitcoin strategy, Michael Saylor stated: "Strategy is a public company, not my wallet." He added: "Our shared conviction in Bitcoin remains unchanged."

Strategy creates Digital Credit.

— Michael Saylor (@saylor) August 5, 2026

Bitcoin Remains Central to Corporate Strategy

Despite the recent sales, Strategy retains its position as the world's largest corporate holder of Bitcoin. The company continues to anchor its capital strategy around Bitcoin while maintaining liquidity through its growing cash reserve.

Bitcoin has stabilized above $60,000 following recent market volatility, offering additional support for STRC's recovery trajectory.

Strategy noted that after STRC's initial public offering, the preferred stock took roughly 70 trading days to return to par value after dipping below target levels. The company indicated the current recovery could follow a comparable timeline, though future market conditions will ultimately determine whether STRC reaches its $100 stated value again.