Saylor's Summer of Selling Ends, Strategy Drops $370M Back on the Bitcoin Dip It Never Bought

Strategy resumed Bitcoin purchases last week after a roughly 10-week pause, acquiring 4,603 BTC for $369.7 million at an average price of $80,318 per coin, according to a Securities and Exchange Commission filing. The buy lifts the company's holdings to 845,050 BTC, acquired for $63.73 billion at an average cost of $75,412. The acquisition was disclosed Monday and followed Executive Chairman Michael Saylor's "We're ₿ack" post on X over the weekend.

The company funded the purchase entirely through equity. Strategy sold 4,531,421 MSTR shares via its at-the-market program during the week ending August 30, raising $602.8 million net of commissions. Of the proceeds, $369.7 million went to Bitcoin, $151.8 million repurchased 1,557,177 STRC preferred shares, $50.7 million covered STRC dividends, and $30 million was added to the company's USD Cash account. The latest STRC repurchase leaves $364.8 million remaining on the $1 billion digital credit repurchase authorization announced June 29; a separate $1 billion authorization to buy back MSTR stock remains untouched.

The buy marks a reversal from a summer in which Strategy acted as a net seller. Between May and August, the company sold 6,948 BTC for roughly $432.5 million, an average of about $62,250 per coin, using proceeds to service preferred-stock obligations and support STRC. Last week's purchase at $80,318 represents roughly a 29% higher entry than the disposal price, leaving Strategy with a net position 2,345 BTC lighter than before the selling began while retaining about $63 million of the price difference in cash. The shift followed the establishment of a Digital Credit Capital Framework authorizing up to $1.25 billion of Bitcoin sales to fund dividends and preferred-share buybacks once STRC slipped below its $100 par value in June.

Strategy also expanded its cash pools during the week. The restricted USD Reserve, designated for preferred dividends and debt interest, stood at $5.10 billion as of August 30, while the unrestricted USD Cash account held $1.61 billion. Combined, the $6.71 billion in USD assets puts net leverage at 0.0%, the company said. The USD Cash pool, established in late August under the Digital Credit Capital Framework, can be deployed for Bitcoin purchases, preferred dividends, interest payments, debt repayment, and securities repurchases.

The position is back in the black. Against a Bitcoin market price near $79,087 on Monday, Strategy's 845,050 BTC is worth approximately $66.8 billion, putting the treasury roughly 4.9% above average cost. The latest tranche, however, is already about 1.5% underwater at $80,318 per coin versus current prices, a paper loss of roughly $5.7 million inside seven days. Strategy initially established its USD Reserve in December 2025 with $1.44 billion and grew it from $900 million at the end of May to $5.10 billion as of August 30, a buildout designed to meet rising dividend and interest obligations while preserving long-term Bitcoin exposure.