Accounts linked to President Donald Trump purchased shares of Strategy, the business intelligence firm formerly known as MicroStrategy, in late July, according to a U.S. Office of Government Ethics periodic transaction report released this week. The buys followed sales earlier in the summer and came as the stock traded near multi-month lows before a substantial rebound.

The filing, covering activity in July, lists a purchase valued between $1,001 and $15,000 on July 24, followed by a larger transaction of $50,001 to $100,000 on July 27. Strategy closed at $91.67 on the first of those dates and $98.65 on the second. By September 22 the shares closed at $167.33, placing the earlier July purchase roughly 80 to 83 percent higher and the later one about 70 percent higher.

Sequence of Sales and Purchases

Earlier filings show the accounts sold Strategy shares on June 23 and June 24 totaling between $16,002 and $65,000. A further sale of $1,001 to $15,000 occurred on July 8. No purchases were reported in June. Strategy shares had fallen from levels near $180 in May to a low around $81.81 shortly after the June sales, with the 2026 closing low recorded near $82.31 on June 26.

The July purchases were not the accounts’ first exposure to the stock. A prior disclosure covering the first quarter of the year included a February 12 purchase also valued between $50,001 and $100,000, along with several smaller trades.

Federal disclosure rules require reporting of transactions above $1,000 in dollar ranges rather than exact amounts, share counts or execution prices. As a result, the filings do not indicate how many Strategy shares, if any, remain held or the precise cost basis of the positions.

Strategy’s Bitcoin Holdings and Market Context

Strategy is the largest publicly traded corporate holder of bitcoin. Its holdings stood at 843,775 bitcoin during parts of July while the company paused additional purchases and raised cash through share sales, building a dollar reserve exceeding $3 billion. Average daily trading volume in the stock reached its lowest level of the year in July, around $1.7 billion. By September 21 the company reported 846,000 bitcoin acquired at an aggregate cost of about $63.8 billion. Bitcoin itself recovered toward the mid-$80,000 range during the same period.

The stock’s sensitivity to bitcoin price moves has long made it a proxy for corporate bitcoin exposure among equity investors. Research firms including Barclays and Canaccord have adjusted price targets higher as the company continued expanding its bitcoin-focused strategy.

Broader Portfolio Activity and Independent Management

The Strategy transactions formed a small portion of far larger July activity. The ethics report lists 1,156 securities trades with an estimated combined value between $79 million and $270 million. On July 20 the accounts sold Microsoft and Amazon shares valued between $5 million and $25 million each. Other crypto-linked activity included a Coinbase purchase of $1,001 to $15,000 on July 24 and sales of MARA Holdings and CleanSpark shares valued between $15,001 and $50,000 each on July 29.

The White House has stated that Trump’s stock and bond portfolio is independently managed by third-party financial institutions and that neither the president nor his family provides input into specific investment decisions. The Trump Organization has similarly said that neither the president, his family nor the organization plays any role in selecting, directing or approving specific investments. Some transactions are said to follow model portfolios designed to track recognized indexes.

The volume of reported trades has drawn attention from Democratic lawmakers. Senator Elizabeth Warren and Representative Robert Garcia wrote to Trump in August citing thousands of stock trades and requesting details about the outside managers.

Policy Backdrop

The disclosure coincides with continued activity on digital-asset policy. The Senate failed to advance the CLARITY Act on September 15. In the following days the Securities and Exchange Commission granted a temporary exemption allowing limited on-chain trading of tokenized U.S. stocks, while the Commodity Futures Trading Commission eased registration requirements for certain software providers and submitted a broader crypto market rulemaking initiative for White House review. Separately, the House Financial Services Committee voted 28-21 to advance legislation that would codify a Strategic Bitcoin Reserve and require bitcoin placed in the reserve to be held for at least 20 years. The U.S. government is estimated to hold approximately 324,527 bitcoin.

The next ethics filing is expected to cover August transactions.