Strategy, the bitcoin treasury company led by Michael Saylor, bought 4,603 bitcoin for $369.7 million between Aug. 24 and Aug. 30, its first purchase since late June, according to an 8-K filing with the Securities and Exchange Commission. The average price was $80,318 per coin. The buy lifts total holdings to 845,050 BTC, worth about $66.1 billion at current prices.
The purchase ends a ten-week pause that had fueled speculation about whether the company’s aggressive accumulation model was running out of room. Strategy remains by far the largest corporate holder of bitcoin. Its stash now equals more than 4% of the 21 million supply cap, and the company shows no sign of stopping.
Funded by stock sales, not cash
The company paid for the coins with proceeds from selling common stock under its at-the-market offering program. According to the filing, Strategy sold 4,531,421 MSTR shares for $602.8 million in net proceeds during the same week.
The money was split four ways, and the bitcoin purchase did not even take the largest share of new spending once existing commitments are counted:
| Use of proceeds | Amount |
|---|---|
| Bitcoin purchase | $369.7 million |
| STRC preferred share repurchases | $151.8 million |
| STRC dividends | $50.7 million |
| USD cash account | $30.0 million |
The repurchases covered 1,557,177 STRC preferred shares, leaving $364.8 million available under the Digital Credit Securities Repurchase Program announced June 29. A separate authorization holds $1.0 billion for MSTR common stock buybacks. The company has been buying back its own preferred shares when they trade below their liquidation preference, which it treats as a better return than buying bitcoin at market prices.
Still below the June peak
Despite the new buy, holdings sit just under the 845,256 BTC the company reported on June 8, meaning Strategy spent ten weeks and $369.7 million to roughly regain its previous position. The pause came after preferred share programs slowed and the company shifted focus to repurchasing its own securities trading below expectations.
The average cost across all holdings is $75,412 per bitcoin, for a total outlay of about $63.73 billion including fees and expenses. With bitcoin trading near $79,800, the position sits in unrealized profit, though the margin is thinner than it was during the summer rally when the coin pushed through $81,000.
“As of 8/30/26, we hold 845,050 bitcoin and $6.71B of USD assets, bringing Net Leverage to 0.0%.” – Michael Saylor, executive chairman, on X
Saylor’s post confirming zero net leverage was aimed at a persistent criticism of the model, that the company’s debt-funded accumulation would leave it exposed in a downturn. The company has leaned on preferred share issuance rather than debt in recent quarters, and the $6.71 billion dollar cushion gives it flexibility on both sides of the trade.
Market context
The purchase lands during a strong stretch for bitcoin. The coin pushed through $81,000 last week, its highest since the rally that began in late August, before settling back into the $79,000 range. US spot bitcoin ETFs took in $986.9 million last week, their third consecutive week of inflows, with BlackRock’s IBIT absorbing $691.5 million of that.
Traders are also watching the Federal Reserve. Rate hike odds for September have slid to around 62% on prediction markets, down from above 70% earlier in the week, easing one of the macro pressures that had capped the rally. A hot jobs report earlier in the week had pushed those odds up sharply, and bitcoin spent several days pinned below resistance as a result.
For Strategy, the resumption answers a practical question about its machine: the company still issues equity when its stock trades at a premium to its bitcoin holdings, and it still converts that equity into coins. The bigger test comes if that premium disappears again, as it did during parts of the spring. For now, the company has $6.71 billion in dollar assets and no net leverage, which gives it room to keep buying or to defend the balance sheet if prices turn.
Whether the pace continues is the next question. The company has historically front-loaded purchases after resuming, and the next weekly filing will show whether last week was a one-off or the start of another accumulation streak. Competitors are watching too. Strive, another bitcoin treasury firm, has said it could end the year as the second-largest corporate holder, and several smaller imitators have scaled back their buying during the same period Strategy paused.
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