Michael Saylor is not blinking. The executive chairman of Strategy, the Bitcoin treasury company formerly known as MicroStrategy, went on record this week reaffirming that $STRC will return to its par value of $100 and that the company stands ready to pour more capital into buybacks if the market tests that resolve.

This is not just talk. Strategy has already put $25 million to work, repurchasing 288,930 shares of $STRC at an average price of $86.52 per share. That leaves $975 million sitting in the chamber from a $1 billion authorized buyback program.

What is $STRC and why does par value matter

$STRC is one of Strategy’s Digital Credit Securities, a category of preferred equity instruments the company has been building out as part of a broader capital markets strategy. It carries a 12% dividend.

Saylor addressed this directly, stating that Strategy will not issue new $STRC below par. Instead, it is absorbing supply through buybacks to create upward price pressure.

The $1 billion buyback program for Digital Credit Securities was formally announced on June 29, 2026. Strategy paired it with an equivalent $1 billion authorization for repurchases of its Class A common stock.

Bitcoin treasury as the backstop

The company holds somewhere between 843,775 and 846,842 BTC in its treasury, making it one of the largest corporate Bitcoin holders on the planet by a significant margin.

Saylor and the executive team have indicated that monetizing Bitcoin holdings is one of the mechanisms available to fund further buybacks and support dividend obligations if needed.

Strategy completed its rebrand from MicroStrategy to Strategy in February 2025, a name change that reflected a deliberate pivot toward positioning the company as a capital markets entity centered on Bitcoin rather than primarily a software business.

What this means for investors watching $STRC

With $975 million remaining in authorized buyback capacity, the program is large enough to matter. Strategy spent $25 million to move 288,930 shares, meaning the remaining budget represents the potential to absorb a substantial volume of shares if the price stays depressed.

The 12% dividend on $STRC combined with the committed buyback program could draw income-focused institutional buyers who would not typically look at a crypto-adjacent company.