Repurchase programme

A repurchase programme is a standing authorisation from an issuer's board to repurchase its own securities up to a maximum amount. It does not oblige the issuer to purchase anything. Purchases can be made in the open market, in block trades or through tender offers, and the programme can usually be suspended at any time.

How it applies to Strategy

As part of what it calls its "Digital Credit Capital Framework", adopted in June 2026, Strategy set up a programme to repurchase STRC, STRF, STRD and STRK. It initially authorised up to $1.0bn, with STRC as the initial priority. The 10-Q says the programme has no fixed expiry, and that using the USD Reserve to fund it would need further board authorisation (10-Q, filed 3 August 2026).

The authorisation was raised from $2.0bn to $3.0bn on 19 October 2026. As of 18 October 2026, $1.16bn remained. In the week of 12–18 October 2026, Strategy repurchased 1,938,780 STRC shares for $193.1m (8-K, 19 October 2026).

The first purchases, in July 2026, were 288,930 STRC shares at an average of about $86.52, funded by sales of class A common stock. Strategy's CEO said that when STRC trades below $100 the company intends to repurchase "in a regular and disciplined manner" (results release, 30 July 2026).

Why it matters

Repurchases below par retire $100 of stated amount for less than $100 in cash, and reduce future dividend obligations. They also add market demand, which supports par-targeting. They differ from a redemption, which is made at a set price under the certificate of designations, and from a holder put on a fundamental change.

What to check in the filing

• Authorised amount and amount remaining, with dates
• Which series are eligible and in what priority
• Permitted funding sources