Strategy has resumed Bitcoin purchases after a more than two-month pause, acquiring 4,603 BTC for approximately $369.7 million between August 24 and August 30. The company’s August 31 Form 8-K filed with the SEC shows an average purchase price of $80,318 per Bitcoin, including fees and expenses. The acquisition marks Strategy’s first disclosed Bitcoin purchase since June and restores buying activity after a period focused heavily on liquidity and capital management.
Following the transaction, Strategy holds 845,050 BTC acquired for an aggregate $63.73 billion, equivalent to an average cost basis of $75,412 per coin. The position represents just over 4% of Bitcoin’s fixed 21 million maximum supply, reinforcing the scale of Strategy’s treasury exposure even after its recent pause in accumulation.
MSTR Share Sales Fund Bitcoin Purchase
Strategy financed the latest acquisition through its at-the-market common-stock program. During the same week, the company sold 4,531,421 MSTR shares for $602.8 million in net proceeds. Bitcoin absorbed $369.7 million, or roughly 61% of the capital raised through those share sales.
The remaining proceeds went to other balance-sheet priorities. Strategy used $151.8 million to repurchase 1,557,177 shares of its STRC preferred stock, $50.7 million to fund STRC dividends and $30 million to increase its USD Cash account. The filing does not report a $152 million convertible-note repurchase during this period; the repurchased security was STRC, Strategy’s variable-rate perpetual preferred stock.
That distinction matters because Strategy had separately repurchased $1.5 billion of 0% convertible notes in May, reducing outstanding convertible debt to approximately $6.7 billion. The August transaction instead reflects the company’s newer strategy of balancing Bitcoin accumulation with preferred-stock repurchases and larger dollar liquidity reserves.
Strategy Builds $6.71B USD Buffer
As of August 30, Strategy reported a $5.10 billion USD Reserve and $1.61 billion in USD Cash. Under the company’s own definitions, those accounts combine to approximately $6.71 billion in “USD Assets.” The figure should not be confused with GAAP cash and cash equivalents, because Strategy defines the USD Reserve as management-designated liquidity for preferred dividends and interest obligations.
The company’s latest official Strategy announcement confirms that the $30 million allocation lifted USD Cash from $1.59 billion to $1.61 billion while leaving the separate USD Reserve at $5.10 billion. Strategy is therefore accumulating Bitcoin while simultaneously maintaining substantially more dollar liquidity than it held earlier in 2026.
For shareholders, the transaction illustrates the financing model underpinning Strategy’s treasury strategy: issue common equity, allocate part of the proceeds to Bitcoin and use the remainder for preferred-stock obligations and liquidity management. The next key question is whether the August purchase marks the start of another sustained Bitcoin accumulation cycle or remains a selective deployment within a more diversified capital strategy.