Strategy's Bitcoin Buy Button Gets a "Par-king" Brake Until STRC Hits $100 🚦

Strategy CEO Phong Le told Bloomberg TV on Tuesday the company will resume Bitcoin acquisitions once its Stretch (STRC) preferred shares return to their $100 par value, framing the pause as a deliberate capital-management decision rather than a retreat. "When Stretch gets back to par, we'll issue more. We'll buy Bitcoin. We may continue to beef up our U.S. dollar reserve," Le said, adding that he is "unsure" how long the recovery will take but calling new preferred-share issuance "a big part of our capital plan" because it is "very accretive to our Bitcoin per share, which is accretive to our shareholders."

The firm has not purchased Bitcoin since late June and has spent recent weeks stockpiling cash, raising $467 million through a common-stock sale that lifted its so-called USD Reserve to $3 billion — enough, Le said, to cover two years of dividend payments. STRC has traded below par since mid-May, changing hands around $89 on Wednesday after climbing from "a low in the $75 range to close to $90," according to Le. Selling new preferred shares below par dilutes their economics, which is why restoring the price to $100 is central to the company's plans.

Le positioned the cash build-up as part of a broader evolution, arguing that Strategy is transitioning "from being a Bitcoin treasury company to a full digital capital platform." The company remains the largest identified holder of $BTC, with more than 840,000 coins in its coffers — roughly 4% of the 21 million that will ever exist. Le pushed back on concerns about the firm's trajectory: "We're not going anywhere. Anybody that's worried about Strategy shouldn't be," he said, noting that $BTC trades $30 billion to $40 billion a day and that the firm's recent $216 million in sales "did not move the market."

Strategy's Bitcoin-buying machine stayed in neutral last week, with the company forgoing acquisitions of the digital asset for a third straight week. Shares of Strategy were down 4% following the opening bell on Wednesday, changing hands around $90.80, according to Yahoo Finance. Le's Bloomberg remarks came as analysts at Standard Chartered played down recent sales — which began when co-founder Michael Saylor started trimming the firm's $54 billion stack last month — as "mostly" technical in nature, seeking to calm fears about the durability of the debt-and-equity flywheel Saylor built in 2020.