Strategy (MSTR) said Monday it has repurchased 288,930 shares of its variable rate series A perpetual stretch preferred stock for approximately $25 million, at an average price of about $86.52 per share.

Strategy said it intends to be "a regular and disciplined purchaser" of the shares with a long-term objective that they trade consistently near $100 with high liquidity, low volatility, and sustainable independent demand.

The company said current policy is not issue the preferred shares below $100 per share and that management will recommend to the board to maintain the 12% annualized dividend rate until the shares demonstrate "sustained, healthy trading" near $100 per share.

Strategy common shares were nearly 6% higher in Monday trading.

Price: 96.99, Change: +5.32, Percent Change: +5.80