Strategy resumed Bitcoin purchases with a 4,603 BTC acquisition worth about $369.7 million, ending a pause of more than two months in new buying while leaving its overall treasury strategy more dependent on cash reserves and preferred-share financing.
The company said it paid an average of $80,318 per Bitcoin for the purchases made between Aug. 24 and Aug. 30. Its holdings reached 845,050 BTC as of Aug. 30, acquired for roughly $63.73 billion at an average cost basis of $75,412 per coin, according to its update released late Aug. 31 Beijing time.
The purchase followed a period in which Strategy sold Bitcoin to bolster liquidity and support obligations tied to its preferred shares and debt. That sequence means the company sold 6,916 BTC during July and August at lower average prices before returning to the market at more than $80,000 per coin.
Bitcoin buying resumes after liquidity build-up
Strategy’s latest purchase is comparatively modest against its cumulative holdings, adding roughly 0.5% to a treasury that now represents about 4% of Bitcoin’s fixed 21 million supply cap. Yet it marks a return to accumulation after the company shifted its near-term emphasis toward raising and preserving dollar liquidity.
Alongside the Bitcoin purchase, Strategy added about $30 million to its USD Cash account during the same week. It also spent approximately $151.8 million repurchasing 1.557 million shares of STRC, one of its preferred equity products.
As of Aug. 30, Strategy reported $5.1 billion in USD Reserve and $1.61 billion in USD Cash, for total dollar liquidity of $6.71 billion. The distinction between those accounts is central to the company’s revised capital structure.
USD Reserve is allocated to preferred-dividend payments and interest on outstanding debt. USD Cash can be used more flexibly, including for Bitcoin purchases, transfers into the reserve account, share repurchases and other treasury activities.
That separation gives Strategy a larger buffer for meeting fixed obligations without automatically forcing it to issue common shares, preferred products or sell Bitcoin during unfavorable market conditions.
Sales raised roughly $430 million
Blockchain analytics platform Lookonchain calculated that Strategy sold 6,916 BTC over the previous two months at an average price of about $62,081. The company’s disclosed weekly transactions show sales occurred in three main batches.
Strategy sold 3,588 BTC during the week of July 6 at an average price of about $58,603, raising roughly $210 million. It then sold 1,638 BTC during the week of Aug. 3 at about $61,660 for approximately $101 million, followed by a sale of 1,690 BTC during the week of Aug. 10 at about $64,260, generating about $108.6 million.
The three sales produced approximately $430 million in proceeds. Before those larger transactions, the company had completed a smaller 32 BTC sale.
The timing has left Strategy open to criticism for selling below the level at which it restarted purchases. Its $80,318 average purchase price for the latest 4,603 BTC was roughly 29% above the $62,081 average identified by Lookonchain for the preceding sales.
The transactions were not presented as a directional bet against Bitcoin. They were linked to a financing adjustment after STRC, a floating-rate preferred instrument, traded below its intended level near $100. Preferred shares trading materially below that benchmark can make further issuance less efficient as a source of capital.
New framework permits Bitcoin sales for obligations
Strategy formally expanded its ability to sell Bitcoin on June 29, when it introduced its Digital Credit Capital Framework. The policy allowed the company to use Bitcoin sales to fund preferred dividends and debt interest, or replenish its USD Reserve, when management judged those options more favorable than issuing common stock or pursuing other market financing.
That policy marks a practical change for a company whose public identity has long been tied to persistent Bitcoin accumulation. Strategy’s capital model has generally involved raising money through common stock and preferred instruments, including STRK, STRF, STRD and STRC, then deploying a substantial share of proceeds into Bitcoin.
The newer framework adds a liquidity-management layer to that approach. Bitcoin remains the core treasury asset, but it can now also serve as a source of funds for contractual payments and reserve management.
Strategy also used at-the-market common-stock issuance, referred to as the MSTR ATM program, to increase dollar balances. Its USD Reserve rose from $2.55 billion on June 29 to $5.1 billion by Aug. 30. The company established its separate USD Cash account in late August, building it to $1.61 billion by the same date.
Combined dollar assets therefore increased by about $4.16 billion from late June, a gain of more than 160%, based on the company’s figures.
STRC buybacks continue below $100
The company has been repurchasing STRC shares since late July and has spent about $635 million on buybacks in total, according to the report. The latest $151.8 million purchase of 1.557 million shares continued that effort.
STRC traded near $97 by the close of U.S. markets on the morning of Sept. 1 Beijing time, about 3% below its stated $100 level. Repurchases at that price can reduce the number of outstanding shares while allowing Strategy to buy the instrument below its intended reference value.
The latest actions show Strategy running two treasury tracks at once: rebuilding Bitcoin holdings while maintaining a much larger pool of dollars for dividends, debt servicing and preferred-share management. That structure could make its future Bitcoin purchases less mechanically tied to each new capital raise, while giving management more discretion over when to issue securities, use cash or sell part of its cryptocurrency holdings.
Wondering if now’s the moment to stack sats? Deepen your view with our BTC outlook in this detailed analysis today.
Disclaimer: The content on this page is provided for general informational purposes only and does not represent the views or financial advice of Toobit. We make no guarantees regarding the accuracy or completeness of this information and shall not be held liable for any errors, omissions, or outcomes resulting from its use. Investing in digital assets involves risk; users should independently evaluate their financial situation and the risks involved. For further details, please consult our Terms of Service and Risk Disclosure.
