Strategy Inc., the largest publicly traded corporate holder of Bitcoin, returned to the market last week with its first significant purchase in more than two months. The company acquired 4,603 Bitcoin for approximately $369.7 million at an average price of $80,318 per coin, according to its latest securities filing and statements from Executive Chairman Michael Saylor.

The transaction raises Strategy’s total holdings to 845,050 Bitcoin, purchased over time for an aggregate $63.73 billion at an average cost of $75,412 per coin. The move follows a summer period in which the firm largely stepped back from accumulation, sold a portion of its Bitcoin, and prioritized building dollar liquidity and supporting its preferred stock.

Saylor’s Weekend Signal Preceded the Official Disclosure

On Sunday, Saylor posted a brief message on X stating “We’re ₿ack,” accompanied by a chart of the company’s Bitcoin holdings. The post followed a familiar pattern in which weekend comments from Saylor have often preceded Monday announcements of treasury activity. Market participants interpreted the message as an indication that accumulation could resume after the multi-week pause.

The official confirmation arrived Monday. Saylor detailed the purchase and related balance-sheet actions, noting that Strategy had also increased its unrestricted dollar cash position and repurchased a portion of its STRC preferred securities.

How the Purchase Was Financed

Strategy funded the Bitcoin acquisition through its at-the-market equity program. The company sold 4,531,421 shares of common stock, generating $602.8 million in net proceeds after commissions. Of that amount, roughly $369.7 million went toward Bitcoin, $151.8 million supported the repurchase of 1,557,177 shares of STRC preferred stock, approximately $50.7 million covered preferred dividends, and about $30 million was added to unrestricted cash.

After the transactions, Strategy reported a dedicated USD Reserve of $5.10 billion, intended primarily to support preferred dividends and debt interest, alongside $1.61 billion in unrestricted USD Cash. Combined dollar assets reached $6.71 billion, resulting in company-reported net leverage of 0.0%.

Saylor noted that the actions improved the company’s U.S. dollar duration to 4.0 years and reduced STRC’s Bitcoin credit spread by 3 basis points to 56 basis points.

Background to the Summer Pause

Strategy last made a meaningful Bitcoin purchase in late June. In the intervening period the company shifted focus toward balance-sheet management. It sold several thousand Bitcoin across multiple transactions, using some proceeds to repurchase STRC shares when the preferred security traded below its $100 par value. Management also raised substantial capital through common stock sales, building the USD Reserve from lower levels earlier in the summer to more than $5 billion.

The pause coincided with a period of Bitcoin price weakness that left Strategy’s large treasury position underwater on a mark-to-market basis for several months. Bitcoin’s subsequent recovery above $80,000 moved the company’s overall holdings back into positive territory relative to its average cost basis before the latest purchase.

Strategy, formerly known as MicroStrategy, pioneered the corporate Bitcoin treasury model in August 2020. The company has since transformed from a business-intelligence software firm into a vehicle whose primary strategic focus is Bitcoin accumulation, financed through a combination of equity issuance, preferred securities, and other capital-market tools. Saylor stepped down as chief executive in 2022 to concentrate on the Bitcoin strategy while remaining executive chairman. The firm formally rebranded as Strategy in early 2025.

Market Reaction and Current Holdings Scale

Bitcoin traded near $78,000 to $78,400 following the announcement, little changed from levels seen before the disclosure. Strategy’s common shares showed mixed early trading, with reports of modest pre-market gains after a sharp decline the previous Friday.

At 845,050 Bitcoin, Strategy controls approximately 4% of Bitcoin’s fixed maximum supply of 21 million coins and remains by a wide margin the largest public corporate holder. Every large purchase by the company continues to draw close attention from traders, institutional investors, and other corporate treasury managers.

The company retains substantial capacity under its existing equity offering program and still holds remaining authorization for further preferred-stock repurchases. Future capital allocation decisions will depend on Bitcoin market conditions, the trading levels of MSTR and STRC, and management’s assessment of liquidity needs.

Strategy enters September with expanded cash reserves, zero reported net leverage under its internal metric, and a renewed commitment to Bitcoin accumulation after a deliberate pause focused on financial strengthening.