Treasury to at least double long-end buybacks to $4 billion per operation
On August 19, 2026 the Treasury said it will raise the maximum size of its liquidity-support buybacks in the 10-to-20-year and 20-to-30-year nominal sectors from $2 billion to at least $4 billion per operation. The change takes effect September 9 and runs through November 4, 2026. Treasury cited greater liquidity support in longer-dated nominal sectors as the reason for the move.
- Max per operation: from $2 billion to at least $4 billion
- Sectors: 10-20 year and 20-30 year nominal Treasuries
- Effective September 9, 2026 through November 4, 2026
- Next quarterly refunding scheduled for November 4, 2026
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Moves this explains
BTC+7.13%Aug 18 · Rose 7.1% after the Treasury said it would at least double its long-end bond buybacks, which eased yield pressure and weighed on the dollar. Analyses also attribute much of the gain to short covering.ETH+17.48%Aug 18 · Rose 17.5%, the largest move in this set, after Treasury said it would at least double long-end buybacks to $4 billion per operation, pushing long-dated yields lower. The rally became a short squeeze that liquidated billions of dollars of shorts.BTC+5.32%Aug 19 · Rose 5.3% as part of a multi-day crypto rally. Coverage links it to the SEC's August 18 proposal for a tailored offering regime for crypto assets and to the Treasury's August 19 decision to at least double long-end buybacks, which pushed yields lower; reports disagree on whether the largest single-day gain fell on August 19 or 20.BTC+7.27%Aug 20 · Rose 7.3% and pushed bitcoin toward $80,000 as crypto rallied for a third straight day. Coverage attributes the rally to the Treasury's decision to double long-end bond buybacks, which lowered yields and weighed on the dollar, and to a surge in Ether and other tokens that followed; Tesla rose 5.0% the same day.MSTR+16.06%Aug 18 · Strategy rose 16.06% to $108.10 alongside a crypto rally: ether +17.48%, bitcoin +7.13%, Coinbase +12.87%, silver +6.31% and gold +4.05%, and 21 of the 28 instruments we track rose. Coverage of the rally ties it to the US Treasury's decision to at least double long-end bond buybacks, which pushed yields lower; the Treasury announcement is dated the same day.XAG+6.31%Aug 18 · Silver rose 6.31% to a close of 67.05 as the Treasury said it would at least double its buybacks of long-dated debt, which pulled yields and the dollar lower. Gold rose 4.05%, bitcoin 7.13%, ether 17.48% and MSTR 16.06%. Kitco reported silver breaking $66 intraday on the day, attributing the move mainly to the buyback decision.Source
US TreasuryAug 19, 2026