Strategy Has Used About 64% of Its $2 Billion Preferred Buyback Plan

Strategy had used about 64% of its $2 billion authorization to repurchase preferred securities, leaving $723.5 million available as of Sept. 27.

During the week of Sept. 21-27, the company repurchased 1,534,530 shares of its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) for $151.7 million. The transactions were part of Strategy’s STRC repurchases.

The amount used, about $1.2765 billion, is calculated by subtracting the remaining balance from the total authorization. The program covers four preferred stock series: STRC, STRF, STRD and STRK.

Strategy first authorized up to $1 billion for the program in June. On Sept. 8, it increased the authorization to $2 billion. The company said STRC was expected to be the initial priority if management determined repurchases would be accretive and strengthen its capital structure.

Repurchases are discretionary, and the authorization has no fixed expiration date.