Strategy has announced a $2 billion share buyback program after a dramatic collapse in its share price, marking a significant shift in strategy for the world’s largest corporate holder of bitcoin.

The company, co-founded by Michael Saylor, said it plans to repurchase both common and preferred shares as it seeks to restore investor confidence following a prolonged decline in the value of its stock. The move comes after Strategy’s shares lost around 80% of their value over the past year and fell below the value of its underlying bitcoin holdings.

The announcement also signals a major departure from the company’s long-standing “buy and hold” approach to bitcoin. Strategy said it may sell some of its cryptocurrency holdings to fund share buybacks, support dividend payments and strengthen its cash reserves.

For years, Strategy became synonymous with aggressive bitcoin accumulation, transforming itself from a software company into a leveraged bet on the world’s largest cryptocurrency. The company currently owns more than 840,000 bitcoins, making it by far the largest corporate holder of the digital asset. However, the recent decline in bitcoin prices has left the company with billions of dollars in unrealized losses.

Chief executive Phong Le described the latest measures as a move toward “active capital management,” indicating that the company is shifting its focus from simply accumulating bitcoin to managing its balance sheet more dynamically. The strategy includes expanding cash reserves and potentially monetizing part of its crypto holdings if necessary.

The buyback announcement initially boosted investor sentiment, with Strategy’s shares rising after the news. However, analysts say the company still faces significant challenges, including large dividend obligations on preferred stock and debt repayments in the coming years.

The move also reflects broader pressures in the cryptocurrency market. Bitcoin has fallen sharply from recent highs as investors have shifted some capital toward AI-related stocks and become more cautious about speculative assets amid uncertain economic conditions.

Industry observers say the company’s willingness to consider selling bitcoin is particularly noteworthy because it reverses years of messaging from Saylor, who repeatedly argued that the company would never sell its holdings. The change underscores the financial strain created by prolonged market weakness and the difficulties facing companies whose fortunes are closely tied to cryptocurrency prices.

Whether the buyback plan succeeds in reviving investor confidence remains uncertain, but the announcement marks one of the clearest signs yet that even the most committed corporate bitcoin believers are being forced to adapt to a more challenging market environment.

Reference: Financial Times, “Bitcoin hoarder Strategy unveils $2bn buyback as share price tumbles” (2026). Financial Times article