Strategy expands STRC repurchase authorization to $2 billion

Strategy has increased its authorization for repurchasing STRC preferred shares to $2 billion, doubling the previous $1 billion limit, according to CryptoSlate. The board approved the expansion on Tuesday as the company’s campaign to support the shares approached the ceiling of the original program. The move came as Michael Saylor’s Sept. 8 recovery benchmark arrived, while STRC remained below its $100 stated value. Strategy had been making progressively larger purchases over seven weeks before the authorization was expanded. The decision extends the company’s effort to buy back STRC shares and seek a return toward their stated value. CryptoSlate did not provide additional details on the size or timing of the latest purchases in the supplied material.