Treasury stock (also known as treasury shares) are the portion of shares that a company keeps in its own treasury. They may have either come from a part of the float and shares outstanding before being repurchased by the company or may have never been issued to the public at all.
What Happens to Treasury Stock?
When a business buys back its own shares, these shares become “treasury stock” and are decommissioned. In and of itself, treasury stock doesn’t have much value. These stocks do not have voting rights and do not pay any distributions. However, in certain situations, the organization may benefit from limiting outside ownership. Reacquiring stock also helps raise the share price, providing investors with an immediate reward.
A company can decide to hold onto treasury stocks indefinitely, reissue them to the public or even cancel them.
— Investopedia
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