Strategy’s STRC preferred shares are recovering toward their $100 target price after the company spent about $214.8 million buying back roughly 2.3 million shares over the past three weeks. STRC.live data showed the stock trading near $95 on Monday, extending a rebound from a late-June low of $74. Strategy has tried to narrow the discount by repurchasing shares in the secondary market and offering a 12% annual dividend. The largest recent buyback came in the week ended Aug. 9, when the company spent $108.6 million to purchase 1.1 million STRC shares. The prior two rounds totaled $25 million and $81.2 million. Under a $1 billion digital credit securities repurchase program approved in June, Strategy still has $785.2 million available. The company has increasingly used its Bitcoin holdings to raise cash for the repurchases. In the week ended Aug. 9, it sold 1,690 Bitcoin at an average price of $64,262, generating $108.6 million. A week earlier, it sold 1,638 Bitcoin for $104.7 million, with $52.3 million of that used for an $81.2 million STRC repurchase and the rest funded through new MSTR common stock issuance. Over two weeks, Strategy sold 3,328 Bitcoin for about $213.3 million and deployed $189.8 million to buy back STRC. After the latest sale, Strategy’s Bitcoin holdings fell to 840,447 from 842,138 a week earlier. The remaining Bitcoin position carries a total cost basis of $63.36 billion, or an average of $75,385 per coin. Even after a fourth straight week of reductions and year-to-date sales of 6,948 Bitcoin from a June peak of 847,363, Strategy remains the world’s largest corporate Bitcoin holder. At the same time, Strategy boosted its dollar reserves by raising another $653.1 million through an ATM (at-the-market share sale) program. It sold 6.5 million MSTR common shares, with $650 million placed into a U.S. dollar reserve account and the remaining $3.1 million allocated to general cash. That lifted dollar reserves from $4 billion a week earlier to a record $4.65 billion, giving the company more liquidity to cover preferred dividends and debt interest as its capital structure expands. CEO Phong Le said the new capital management framework introduced in late June has rapidly increased the size of the company’s dollar reserves. He wrote: "Our dollar reserves and duration have both reached all-time highs. In just two and a half months, reserves increased by nearly $3.8 billion, and both metrics expanded by more than fivefold. This is the result of the digital credit capital framework in action." Executive Chairman Michael Saylor said the latest funding extended dollar reserve duration by another 143 days to about 2.7 years, enough to cover nearly three years of preferred dividends and debt interest. The company still has about $2.2 billion of capacity remaining under its MSTR ATM program, while a separate $1 billion common stock repurchase authorization remains unused. The central question now is whether STRC can close the remaining roughly $5 gap to par value without continued support from Strategy. The company previously said a return to par would take time, and on its second-quarter earnings call it noted that after STRC listed in 2025, it took about 70 trading days to hold above $100. On a similar timeline, this rebound could return to par around Sept. 8, though this cycle differs because Strategy is actively supporting the stock through both dividend adjustments and direct market buybacks. If STRC regains $100, the company may no longer need heavy repurchases and the preferred stock could function more effectively as a financing tool. If the shares remain below par, Strategy still has $785.2 million of buyback capacity and may continue intervening, with the market watching how much more support will be needed and whether more Bitcoin sales will follow.