Strategy Resumes Bitcoin Purchases with $369.7 Million Acquisition

According to a filing with the Securities and Exchange Commission (SEC) on Monday, Strategy purchased 4,603 Bitcoins worth approximately $369.7 million last week, indicating a resumption of the company's heavy buying and bringing its total Bitcoin holdings to 845,050 BTC.

As reported by Mihan Blockchain, the company, led by Michael Saylor, acquired these Bitcoins between August 24 and 30 at an average price of $80,318 per coin.

Strategy has now spent a total of about $63.73 billion (including fees and costs) to accumulate its Bitcoin assets. The average purchase price per Bitcoin for the company is $75,412.

Based on Bitcoin prices above $78,000 at the time of this purchase disclosure, the total value of the company's assets would be approximately $66.1 billion. According to figures reported by The Block, this places Strategy's unrealized gains at around $2.34 billion.

The company's holding of 845,050 Bitcoins represents just over 4% of the total capped supply of 21 million Bitcoins. Strategy remains by far the largest corporate Bitcoin holder among publicly traded companies.

Recent purchases were financed through the sale of Class A common stock under the at-the-market (ATM) offering program. The company sold 4,531,421 shares during the week, raising approximately $602.8 million in net proceeds.

Strategy allocated $369.7 million of this revenue to buy Bitcoin. Additionally, $151.8 million was used to repurchase 1,557,177 shares of preferred stock STRC, and nearly $50.7 million was allocated to dividends on preferred stock STRC. The remaining $30 million was added to the company's cash reserves.

As of August 30, the company reported its dollar cash reserves at approximately $1.61 billion and its total broader dollar reserves at $5.1 billion.

The company also has significant capacity to issue more shares; as of August 30, approximately $19.09 billion of MSTR common stock remained available for issuance and sale under the ATM program. This gives Strategy considerable flexibility to attract more capital if it wishes to continue accumulating Bitcoin.

The recent transaction marks a change from the past few weeks when the company had halted major purchases or reduced parts of its Bitcoin holdings. Saylor announced the return of Strategy to the market and the resumption of buying activity with a post on social media on Sunday, followed by another post on Monday before the official disclosure of the transaction.

Strategy's ability to finance Bitcoin purchases through share issuance has been a key aspect of the company's treasury strategy. When the company's shares trade at a premium above the value of the Bitcoins backing them, issuing new shares allows the company to increase its Bitcoin holdings without being entirely reliant on traditional debt and loans.

The effectiveness of this model partly depends on investor demand for Strategy's securities and the ratio of the company's market value to its net asset value (NAV). This ratio has decreased from the peak of the digital asset treasury boom in 2025. At the time of the recent figures' release, the market value to net asset value ratio for the firm was approximately 1.07.

The company's stock still has a long way to go to reach the price peaks of 2025. Despite the recent improvement in Bitcoin prices, MSTR shares have fallen about 63% over the past year. However, the stock rose 6.3% last week, closing at $127.31 on Friday. Bitcoin's price increased by about 1% during the same period, but had risen more than 25% in the month prior.

The decline in stock premiums reveals one of the challenges facing companies reliant on digital treasury. Initially, investors paid a high premium to buy shares of publicly traded companies that provided leverage for cryptocurrency returns; however, as more companies adopted similar strategies, this premium has compressed significantly across much of the industry. A lower premium may reduce the attractiveness of accumulating Bitcoin through share issuance, as companies are forced to issue more shares to attract the same amount of capital.

The strategy has responded to this issue by expanding its financing structure. Under the "Digital Credit Capital Framework," the company now employs several classes of preferred securities alongside common stock and has established mechanisms for the repurchase of securities and maintaining liquidity for dividend and interest obligations.

The company has approved a $1 billion repurchase program for digital credit securities (initially focused on STRC) and a separate $1 billion repurchase program for common stock. Subsequently, it expanded its "Bitcoin Revenue Generation Program" to allow for the sale of up to $5 billion in Bitcoin, if necessary, to support cash reserves, preferred stock dividends, interest payments, or the repurchase of securities. This structure enables the company to both accumulate and sell Bitcoin depending on the conditions of the financial markets.

Recent purchases indicate that despite these added flexibilities, Bitcoin accumulation remains the core of the strategy's approach. The trend of corporate treasury adoption of Bitcoin continues to expand; data from the Bitcoin Treasuries database cited by The Block shows that 198 publicly traded companies are now pursuing some form of Bitcoin acquisition strategy.

However, the company’s strategy is in a distinctly advantageous position due to the scale of its assets. The company Twenty One, backed by Tether, holds 43,514 Bitcoin, and Japan's Metaplanet has approximately 43,000 Bitcoin. Marathon Digital Holdings (MARA) also holds 35,577 Bitcoin, while Standard Bitcoin Treasury has 30,021 Bitcoin, which is still significantly less than the strategy's total holdings.

The enormous scale of this company also means that its purchases attract significant attention in the cryptocurrency markets; a single weekly transaction can be worth hundreds of millions of dollars, and its broader financing plans likely provide billions more for future purchases.

The recent purchases do not guarantee that Bitcoin accumulation will continue at the same pace, as the company now manages Bitcoin purchases in balance with preferred stock obligations, cash reserves, and securities repurchases, and market conditions also affect the economic attractiveness of issuing new shares. Nevertheless, the company has clearly returned to an accumulation phase; adding 4,603 Bitcoin over the course of a week brought its total assets to over 845,000 units, solidifying its position as the largest corporate holder of this asset.

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