Strategy repurchases $139M of STRC under $2B buyback

Strategy (the Michael Saylor-led bitcoin treasury company formerly MicroStrategy) repurchased $139 million of its $STRC preferred stock while leaving its 845,050 BTC treasury unchanged. The buy is part of a $2 billion program aimed at retiring dividend obligations at a discount below par.

• The buyback continues Strategy's drive to cut its net leverage to near zero as its cash position nearly matches its convertible debt.
• The firm has built nearly four years of preferred-dividend coverage as it keeps retiring STRC below par.