Strategy added 4,603 bitcoin for about $369.7 million during the week ended aug. 30, taking its corporate treasury to 845,050 btc, according to an 8-k filing with the u.s. securities and exchange commission. The purchase, made at an average price of $80,318 per bitcoin, was funded through sales of the company’s class a common stock under its at-the-market issuance program.
The latest acquisition places strategy’s holdings above 4% of bitcoin’s fixed 21 million-coin supply cap. The company said its full bitcoin position was accumulated for roughly $63.73 billion, including fees and expenses, at an average cost of $75,412 per btc. At the approximately $66.1 billion valuation cited in the filing, the holdings carried an unrealized gain of about $2.34 billion.
Strategy’s buying returned after several recent weeks in which its reported bitcoin balance was either unchanged or reduced. The purchase also came as the company has sought to balance its long-running bitcoin accumulation strategy with cash reserves, preferred-share dividends and securities repurchases.
Stock sales funded bitcoin purchases and capital returns
Strategy sold 4,531,421 class a common shares during the prior week, raising approximately $602.8 million in net proceeds through its at-the-market, or atm, program, the sec filing said. An atm program allows a company to sell shares gradually into the public market rather than through one large offering.
Of that total, the company allocated $369.7 million to the bitcoin purchase. It used another $151.8 million to repurchase 1,557,177 shares of its strc preferred stock and spent $50.7 million on strc dividends.
The remaining roughly $30 million was placed in strategy’s usd cash account, which stood at $1.61 billion as of aug. 30. The company separately listed its usd reserve at $5.1 billion.
The distribution of proceeds illustrates how strategy’s capital strategy has evolved beyond simply issuing common shares to purchase bitcoin. The company is now using equity issuance to support several commitments at once: expanding its digital asset holdings, servicing preferred securities, repurchasing securities and maintaining liquidity.
Strategy said $19.09 billion of class a common stock remained available for sale under its atm program as of aug. 30. That capacity gives the company substantial flexibility to raise capital, though further issuance can dilute existing common shareholders.
Reserve framework places limits on cash use
Strategy’s digital credit capital framework limits the usd reserve to preferred-stock dividend payments and interest expenses, according to the filing. The restriction separates funds intended for debt-like obligations from capital that can be used for bitcoin acquisitions or other corporate purposes.
The company has also authorized up to $1 billion in repurchases of its digital credit securities, initially focused on strc, as well as a separate $1 billion buyback program for common stock.
These authorizations give strategy the option to buy back securities when management believes their trading price is attractive relative to the company’s capital needs. At the same time, the programs create competing uses for cash that might otherwise be directed to bitcoin purchases.
Strategy later expanded its btc monetization program to allow up to $5 billion in bitcoin sales. The proceeds could be used to fund the reserve, pay dividends and interest, or repurchase securities. The authorization provides a mechanism for the company to raise liquidity from its bitcoin balance if needed, although the latest filing showed strategy adding to its holdings rather than selling them.
Michael Saylor, strategy’s executive chairman and the public face of its bitcoin strategy, posted updates on x on sunday and monday before the acquisition was disclosed in the sec filing.
Strategy remains far ahead of other public bitcoin holders
Strategy’s 845,050 btc treasury is several orders of magnitude larger than those of other publicly traded companies pursuing bitcoin acquisition strategies. Bitcoin treasuries, a platform that tracks corporate and institutional bitcoin holdings, lists 198 public companies with some form of bitcoin treasury model.
The companies ranked immediately behind strategy held 43,514 btc, 43,000 btc, 35,577 btc and 30,021 btc, according to bitcoin treasuries data. Even combined, those four holdings amount to less than one-fifth of strategy’s reported position.
That gap has made strategy’s shares a closely watched proxy for bitcoin exposure, although the stock can trade differently from the underlying asset because of equity issuance, debt obligations, preferred securities and the market’s assessment of its treasury structure.
The company’s average purchase price of $75,412 leaves its bitcoin holdings modestly above cost when bitcoin trades above that level. Yet the latest purchase was made at $80,318 per coin, showing strategy continued to buy after bitcoin had moved above the average price of its overall position.
The filing presents strategy as maintaining its core bitcoin accumulation policy while adding more conventional corporate-finance safeguards. Its next major decisions will likely center on how much of its large remaining atm capacity it deploys, whether it uses its repurchase authorizations, and how it manages the cash reserve alongside a bitcoin treasury that now exceeds 845,000 coins.
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