MSTR Stock Slips After Strategy Leaves Bitcoin Stash Untouched, Doubles Buyback Program To $2B

The company repurchased around 1.8 million STRC shares for $176.3 million during the week, without buying back its other preferred securities or common stock.

• Strategy funded the STRC repurchase entirely from its $1.44 billion USD Cash pool rather than issuing new debt or equity.
• Its separate $5.10 billion USD Reserve, designated for preferred dividends and debt interest, remained unchanged.
• The company has now gone two consecutive weeks without adding to its Bitcoin position, marking a shift from the more frequent purchases seen in 2025 and early 2026.

Shares of Strategy (MSTR) continued to slide in early trading Tuesday alongside Bitcoin’s (BTC) decline after the company reported no new Bitcoin purchases over the past week, while doubling its authorized buyback program to $2 billion.

According to a new 8-K filing, Strategy expanded its capacity to buy back its own securities and continued funding those repurchases through its more flexible and newly launched "USD Cash" pool rather than new debt or equity issuance.

MSTR stock fell over 3% in pre-market trade, while Bitcoin’s price dropped 1.45% in the last 24 hours to around $78,300. On Stocktwits, retail sentiment around both assets trended in ‘neutral’ territory over the past day.

No Bitcoin Activity, Again

Over the last week, Strategy neither bought nor sold any Bitcoin, and made no sales under its at-the-market stock (ATM) program. The company's Bitcoin holdings remain at approximately 845,050 coins, acquired at an aggregate cost of $63.73 billion, averaging around $75,412 per coin. 

This marks a second straight week without any change to the company's core Bitcoin position, extending a pattern of intermittent buying that's replaced the near-weekly accumulation Strategy maintained through much of 2025 and early 2026.

A Bigger Buyback Budget

The more notable development in this week's filing was the company's decision to expand its Digital Credit Securities Repurchase Program. Strategy's board approved doubling the program's authorized purchase amount from $1 billion to $2 billion. As of Monday, $1.19 billion of the expanded authorization remained available.

The program allows Strategy to repurchase its preferred securities. This week, the company used it to buy back 1.8 million STRC shares for $176.3 million. No repurchases occurred across Strategy's other preferred lines (STRF, STRK, STRD) or common stock.

USD Cash Pool Funds STRC Repurchases

Strategy funded the entire $176.3 million STRC repurchase from its USD Cash pool, a flexible liquidity reserve the company established last month to give management more room to respond to market conditions, including movements in Bitcoin and Strategy's securities.

The pool stood at $1.44 billion after the latest repurchase, down from $1.59 billion two weeks ago. The decline reflects the $176.3 million used for this week's STRC buyback.

Strategy's separate USD Reserve remained unchanged at $5.10 billion. That pool is designated for preferred-stock dividends and debt-interest payments and is separate from the more discretionary USD Cash pool used for the latest repurchase.

MSTR stock has fallen over 7% this year and over 50% in the last 12 months. 

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