Strategy, the publicly traded Bitcoin treasury company, has resumed accumulating the cryptocurrency after a roughly two-month pause, purchasing 4,603 BTC for approximately $369.7 million at an average price of $80,318. The move follows sales of roughly 6,900 to 7,000 BTC earlier in the summer at prices ranging from about $59,000 to $64,000, averaging near $62,000.

The latest acquisition, completed between August 24 and August 30, marks the company’s first Bitcoin purchase since June and ends a 10-week buying hiatus. It brings Strategy’s total holdings to 845,050 BTC, acquired at an aggregate cost of about $63.73 billion for an average of $75,412 per coin.

Balance Sheet Strengthening During the Pause

During the summer period when purchases were suspended, Strategy focused on fortifying its financial position. The company sold Bitcoin primarily to support preferred stock dividend obligations and related capital needs. Public disclosures recorded sales including 2,225 BTC in early July, 1,638 BTC in early August and 1,690 BTC the following week, among other transactions that brought the total sold this year to approximately 6,900–7,000 BTC for roughly $429 million to $432 million.

These sales represented less than 1 percent of the firm’s overall Bitcoin holdings. Strategy used the proceeds and concurrent capital markets activity to increase its dollar-denominated assets. As of August 30, USD assets stood at $6.71 billion, comprising a designated reserve of about $5.1 billion and $1.61 billion in general cash after a $29 million increase. Convertible debt was approximately $6.75 billion, resulting in reported net leverage of 0.0 percent under the company’s calculation that offsets dollar assets against outstanding debt.

In the same week as the Bitcoin purchase, Strategy sold about 4.53 million MSTR shares through its at-the-money program, raising $602.8 million. Of those proceeds, roughly $369.7 million funded the Bitcoin acquisition, $152 million went toward repurchasing STRC preferred shares below their stated $100 amount, and additional amounts covered preferred dividends and cash reserves.

CEO Defends Timing on Cost-of-Capital Grounds

In a September 1 interview on Bloomberg Crypto, Strategy President and CEO Phong Le addressed questions about selling near $60,000 and later buying near $80,000. He stated that treasury decisions depend on financing conditions and expected returns rather than Bitcoin’s prevailing market price. When the company can issue common shares at a premium relative to the value of its assets, the proceeds can be used to acquire more Bitcoin while improving Bitcoin exposure on a per-share basis.

Le described the earlier sales as “the right trade at the time” to meet preferred dividend commitments and build dollar liquidity without relying solely on new equity issuance when conditions were less favorable. The board had authorized a Bitcoin monetization program in June permitting sales of up to $1.25 billion to support the USD reserve, dividends, interest, security repurchases or other approved obligations. The policy does not mandate that full amount be sold.

Strategy now operates under what Le called a “two-way strategy.” It remains a net Bitcoin accumulator over time but may sell when doing so improves the capital structure. Management weighs Bitcoin transactions against equity issuance, preferred offerings, repurchases and cash deployment. Le indicated the firm could continue purchasing at higher levels, including $90,000, $100,000 or even $130,000, if the cost of capital remains attractive relative to expected returns. Those figures were presented as illustrative examples rather than specific forecasts.

He added that the company does not foresee further Bitcoin sales as it enters what he views as a substantial bull market phase, preferring to remain a net buyer.

Holdings and Market Context

After the summer sales and subsequent repurchase, Strategy holds about 2,345 fewer BTC than before the sales began. The difference in average sale and repurchase prices represents an opportunity cost on the rotated coins, though the company frames the overall sequence as beneficial for balance-sheet strength and preferred equity metrics.

Bitcoin holdings of 845,050 coins represent slightly more than 4 percent of the cryptocurrency’s maximum supply of 21 million. At recent market prices near $77,000 to $78,000, the position carries a value exceeding $65 billion and forms the bulk of Strategy’s roughly $72 billion in total assets.

Le also addressed Strategy’s opposition to a proposal by index provider MSCI that could exclude companies with large Bitcoin treasuries from certain benchmarks. The company has argued that Bitcoin functions as an operating asset on its balance sheet and that existing accounting treatment already recognizes related gains and losses as operating income. A decision on the proposal is expected in mid-October.

The resumption of purchases coincides with improved conditions for equity issuance. Strategy ranked among the top public companies for equity capital raised this year. Le compared the capital-allocation process to financing infrastructure projects, where rising asset costs are weighed against the expense of raising funds.

Further activity will depend on weekly capital markets conditions. Additional share issuance at a premium could support more Bitcoin accumulation, while weaker demand or higher financing costs could slow purchases or make another sale more economical under the two-way framework.