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Strategy bought another 267 BTC last week for about $22 million, roughly $82,800 per coin. The interesting part is the contrast with the summer. As Bitcoin slid, Strategy sold for the first time in years: 6,948 BTC across four sales between late May and early August, for about $432 million. That works out to an average of roughly $62,150 per coin, about 18% below the company's average purchase price of around $75,400. It is worth noting that it is not so much a matter of timing as it is about how the model works. Strategy funds most of its purchases by raising capital through stock and preferred shares, which is easiest when the market is strong. During the summer drawdown, it sold part of its stack to cover preferred dividends and build a dollar reserve. Now that conditions have improved, it's buying again. Does this change how you see Strategy as a long-term Bitcoin holder?

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