Strategy repurchased about 9.96 million shares of its STRC perpetual preferred stock for roughly $950 million between July 20 and Sept. 13, aiming to return the security toward its $100 par value and preserve its usefulness as a financing vehicle for Bitcoin purchases. The buybacks represented about 18% of STRC trading volume during the period and helped lift the shares from around $70 after Strategy sold some Bitcoin in June to the high $90s. Bloomberg reported that approximately $765 million, or about 80%, of the repurchase funding came from common-share sales or cash raised around those sales, adding pressure to Strategy's common stock, which has fallen nearly 60% over the past year. Strategy resumed Bitcoin purchases in late August, acquiring 4,603 BTC for $370 million over three weeks at an average price of $80,318, but its net Bitcoin holdings declined by 950 coins in the third quarter.