Strategy has returned to buying bitcoin, but its first disclosed purchase since June 22 is already below water at current market prices.
The company disclosed in an 8-K filed Monday that it acquired 4,603 bitcoin between August 24 and August 30 for $369.7 million, paying an average $80,318 per coin including fees and expenses.
Bitcoin was trading around $78,316 at the time of writing, according to CoinGecko, putting the market price roughly $2,000 below Strategy’s latest acquisition cost.
At that price, the new tranche is worth about $360.5 million, roughly $9 million less than Strategy paid for it. The broader bitcoin position remains above its aggregate cost basis.
Executive Chairman Michael Saylor had signaled the return a day earlier with a short “We’re ₿ack” post on X. Strategy’s own acquisition ledger confirms that the August 31 disclosure is its first disclosed bitcoin purchase since June 22, 2026, rather than relying on the more loosely repeated description of a 10-week pause.
Strategy Now Holds 845,050 Bitcoin
The purchase lifted Strategy’s holdings to 845,050 BTC, acquired for an aggregate $63.73 billion at an average cost of $75,412 per coin.
That average has moved higher from $75,385 before the latest purchase.
With bitcoin near $78,316, the entire treasury is still worth about $66.2 billion, leaving Strategy’s total position above its aggregate purchase cost even though the newest tranche is underwater.
The more revealing part of Monday’s filing, however, is where the money came from — and where the rest of it went.
Strategy Sold 4.53 Million MSTR Shares
Strategy sold 4,531,421 MSTR shares through its at-the-market program during the week, generating $602.8 million in net proceeds.
The filing says $369.7 million of those proceeds funded bitcoin purchases.
But Strategy did not direct the entire raise into bitcoin.
It used another $151.8 million to repurchase 1,557,177 shares of STRC, its variable-rate perpetual preferred stock. A further $50.7 million funded STRC dividends, while $30 million was added to the company’s USD Cash liquidity account.
That allocation is the more important capital-management development.
Strategy is still issuing common equity to acquire bitcoin, but bitcoin now competes with preferred-stock repurchases, dividend obligations and liquidity reserves for the proceeds of those issuances.
Bitcoin Is No Longer the Only Destination for New Capital
The STRC repurchase reflects Strategy’s broader Digital Credit Capital Framework.
The company has been buying STRC when it trades below its $100 stated amount, arguing that retiring the preferred shares at a discount reduces future dividend requirements. Strategy had $364.8 million remaining under its digital-credit securities repurchase authorization after the latest transaction.
That creates a different capital-allocation equation from the one investors associated with Strategy during earlier phases of its bitcoin accumulation.
Selling MSTR shares no longer automatically means that virtually all of the proceeds flow into bitcoin.
As of August 30, Strategy reported a $5.10 billion USD Reserve intended to support preferred dividends and interest payments, alongside $1.61 billion of USD Cash that management can use for bitcoin purchases and broader treasury purposes.
Monday’s filing shows all three parts of that structure operating at once: common shares were issued, bitcoin was bought, and preferred shares were repurchased.
The bitcoin purchase may attract the headline, particularly after Saylor’s weekend signal. But the allocation underneath it is changing.
Strategy paid $80,318 for its newest bitcoin while the asset now trades near $78,300. More importantly for MSTR shareholders, only part of the equity capital raised during the week ended up in bitcoin at all.