The world's largest corporate Bitcoin holder is buying again. Strategy (formerly MicroStrategy) acquired 4,603 BTC for roughly $369.7 million at an average price of $80,318, according to a regulatory filing Monday, ending a 10-week pause and reviving a treasury strategy that has defined the company. Executive chairman Michael Saylor teased the move over the weekend with a one-line post: "We're ₿ack."
The purchase, made between August 24 and 30, lifts Strategy's total holdings to 845,050 BTC, acquired for about $63.7 billion at an average cost of roughly $75,412 per coin. It's the firm's first major buy since late June, and it lands as Bitcoin trades well above that average cost, a sign of Strategy's willingness to keep accumulating even at higher prices.
What makes the resumption notable is what came before it. During the two-month pause, Strategy didn't just stop buying, it actually sold Bitcoin, with its most recent sale of 1,690 BTC earlier in August, while it prioritized building cash reserves and supporting its preferred stock. Monday's buy signals that phase is over and capital is flowing back into its flagship asset.
The mechanics also underline how the Strategy machine actually works. The company funded the entire purchase by selling 4.53 million MSTR shares for about $602.8 million under its at-the-market program, then split the proceeds between Bitcoin ($369.7M), buying back preferred shares ($151.8M), and cash. In other words, Strategy issued new stock to buy Bitcoin, the exact flywheel that powers its model in a rising market. As the single most-watched corporate buyer in crypto, its return to accumulation is widely read as a vote of confidence, though whether it marks a sustained buying cycle or a one-off remains the open question.
