Strategy spent last week buying back STRC in the open market instead of adding to its bitcoin stack, and the article says that choice was aimed at improving the economics for MSTR common shareholders.
From July 20 through July 26, 2026, the company repurchased 288,930 STRC shares for about $25 million at an average price of $86.52, according to the piece. It also says Strategy bought no bitcoin during that stretch and continued to build its cash reserve.
STRC fell well below its $100 stated amount in June
The article places the buyback in the context of STRC’s sharp decline below its $100 stated amount in June 2026. It points readers to two earlier articles for a deeper review of that period: Crash Post Mortem – What Happened to STRC in June 2026 and The Sixth Lever.
It says the repurchase followed Strategy’s Digital Credit Capital Framework, announced on June 29 in response to June volatility. That framework authorized up to $1 billion of repurchases across STRC, STRF, STRD, and STRK.
According to the article, STRC was likely treated as the first priority because it is now viewed as Strategy’s flagship product.
Why Net Bitcoin Per Share sits at the center of the argument
The article explains the buyback through Strategy’s capital structure. MSTR common stock sits at the bottom of that structure and receives only the residual value after all more senior claims have been satisfied.
Strategy’s liquid assets consist of bitcoin and cash. Debt and preferred stock rank ahead of MSTR, while the company’s USD reserve, described in the piece as cash, offsets part of those senior claims. That leaves common equity as the residual value after subtracting debt and preferred stock from the bitcoin reserve and adding back available cash.
The author says this is effectively the logic behind Strategy’s recently introduced Net Bitcoin Per Share metric.
Under the methodology described in the article, Strategy starts with its bitcoin holdings, subtracts the bitcoin-equivalent value of out-of-the-money convertible debt, other debt-like instruments, and outstanding perpetual preferred stock, then adds back the USD reserve to arrive at Net BTC. Net BTC is then divided by fully diluted common shares to produce Net BPS.
The article notes that Strategy’s disclosures use July 23 as the boundary for its revised mNAV methodology, which uses Net BPS as the denominator. In that framing, the metric gives MSTR investors a direct view of the bitcoin economically attributable to common equity after senior claims are taken into account.
It also contrasts gross and net bitcoin per share. Gross Bitcoin Per Share can rise when Strategy issues more preferred stock or debt to buy bitcoin. Net Bitcoin Per Share captures the liability created alongside that purchase and asks how much bitcoin remains for common shareholders after higher-ranking investors are paid first.
That is why, in the author’s telling, Net BPS offers a way to judge whether capital markets activity is accretive or dilutive for MSTR.
Why buying back STRC below par is accretive
The core argument is straightforward: if a company can retire liabilities below their notional value, the residual claim for common equity increases on a net BTC basis.
The article uses a simplified balance-sheet example. Assume a company owns $100 million of BTC and has $50 million of senior liabilities. Common equity is the residual $50 million claim.
If the company can retire those $50 million of liabilities for $40 million, its assets fall to $60 million and its liabilities drop to zero. The residual claim for common equity rises from $50 million to $60 million.
In other words, spending $40 million to eliminate a $50 million claim creates $10 million of value for the residual owner.
The article says the STRC transaction works the same way. Strategy paid an average of $86.52 to retire a security with a $100 stated amount. Each repurchased share removed $100 from the preferred-stock claim used in the company’s Net BTC calculation while using only $86.52 of capital.
That $13.48 spread is described as gross accretion to MSTR.
Based on the figures cited, Strategy retired $28.893 million of STRC stated amount for about $24.998 million. The difference comes to roughly $3.895 million, which the article says accrues to MSTR.
Dividend savings are part of the picture in the article
The piece adds that STRC’s current 12% annualized dividend rate is also relevant. Retiring $28.893 million of STRC stated amount removes about $3.47 million of annual dividend requirements.
It also says that because STRC is still well below $100, the company will likely raise the dividend, meaning the actual annual dividend expense removed could be higher. That portion is presented in the article as the author’s view.
Conclusion and attribution
The article concludes that Net BTC identifies the residual bitcoin owned by common stock after accounting for the senior liabilities ahead of it. On that basis, the STRC buyback is presented as a financial-engineering move designed to improve Strategy’s Net Bitcoin Per Share metric.
A disclaimer at the end says the content was prepared on behalf of Bitcoin For Corporations for informational purposes only, reflects the author’s own analysis and opinion, and should not be relied upon as investment advice. It also says nothing in the article constitutes an offer, invitation, or solicitation to purchase, sell, or subscribe for any security or financial product.
The post first appeared on Bitcoin Magazine and was written by Allard Peng.