Strategy, the company formerly known as MicroStrategy, just snapped up 4,603 Bitcoin for $369.7 million between August 24 and 30. Executive chairman Michael Saylor announced the purchase on August 30, breaking a 10-week hiatus from buying that had some observers wondering whether the company’s legendary Bitcoin appetite was finally cooling.
From seller back to buyer
Since June 22, Strategy had been a net seller of Bitcoin, offloading approximately 7,000 BTC for around $432.5 million. Those sales were funding mechanics: the company needed cash to support preferred-stock dividends and share repurchase programs.
In the week before this purchase, Strategy sold roughly 18.26 million MSTR shares for approximately $2.01 billion. That stock sale created a fresh $1.59 billion “USD Cash” reserve specifically earmarked for Bitcoin acquisitions, bringing the company’s total available liquidity to around $6.69 billion.
The 4,603 BTC buy was funded from those share sale proceeds rather than existing reserves.
The numbers behind the stockpile
With this latest purchase, Strategy now holds approximately 840,447 BTC. That’s roughly 4% of Bitcoin’s entire circulating supply, sitting on the balance sheet of a single publicly traded company.
The average acquisition cost across the full portfolio sits at approximately $75,385 per coin, implying a total cost basis of about $63.36 billion. With Bitcoin trading near $79,000 at the time of Saylor’s announcement, that puts Strategy’s unrealized gains somewhere in the range of $2.5 billion to $2.8 billion.
For the year as a whole: Strategy has acquired about 175,000 BTC in 2026 while selling roughly 7,000. The net addition of around 168,000 coins represents one of the most aggressive accumulation campaigns any single entity has ever conducted in the crypto market.
Why the pause happened, and why it ended
The 10-week buying gap traced back to a practical constraint rather than a philosophical one. Strategy’s growing suite of preferred stock offerings comes with dividend obligations. The roughly $432.5 million raised from Bitcoin sales since June covered those needs.
The $2.01 billion raised through MSTR share sales in mid-to-late August gave Strategy a substantial war chest. Only $369.7 million of that has been deployed so far, leaving well over a billion dollars of dry powder specifically designated for future Bitcoin purchases.
What this signals for the market
Strategy chose to resume purchases with Bitcoin trading near $79,000. At roughly $80K per coin, Strategy’s willingness to deploy capital at these prices implies its internal models point higher.
The risk side of the ledger hasn’t disappeared. A sustained Bitcoin decline below Strategy’s $75,385 average cost would turn that $2.5 billion paper profit into a paper loss, with potential knock-on effects for MSTR stock and the company’s ability to raise future capital through share sales. The $6.69 billion in liquidity the company has assembled suggests management is preparing for scenarios where it needs to buy aggressively into weakness, not just strength.