Strategy Ends Its Bitcoin Pause With a $370 Million Buy—Here’s How It Paid

Strategy is buying Bitcoin again, and the size of its first purchase since June leaves no doubt that the pause is over.

The company acquired 4,603 BTC for $369.7 million between August 24 and August 30, paying an average of $80,318 per coin. That lifted Strategy’s total holdings to 845,050 BTC, purchased for an aggregate $63.73 billion at an average cost of $75,412.

The buy matters for more than its headline number. Strategy raised the money by selling common stock, then divided the proceeds among Bitcoin, a preferred-share repurchase, preferred dividends and additional liquidity.

That financing mix gives investors a much clearer look at how the company’s Bitcoin machine is now operating.

Strategy has acquired 4,603 BTC for $370M, increased USD Cash by $29M, and repurchased $152M of $STRC. As of 8/30/26, we hold 845,050 bitcoin:native and $6.71B of USD Assets, bringing Net Leverage to 0.0%. $MSTR https://t.co/XAAEZV5Gil

— Michael Saylor (@saylor) August 31, 2026

Where the $603 million went

According to Strategy’s August 31 filing release, the company sold 4,531,421 shares of MSTR through its at-the-market program and raised $602.8 million after commissions.

Bitcoin received the largest share: $369.7 million. Strategy also used $151.8 million to repurchase about 1.56 million shares of its STRC preferred stock, directed $50.7 million toward STRC dividends and added $30 million to its USD Cash account.

That last account stood at roughly $1.61 billion after the week’s activity, while Strategy reported $5.10 billion in its separate USD Reserve. Together, the company described its dollar assets as approximately $6.71 billion.

The distinction is important. Strategy says its USD Reserve supports preferred dividends and interest obligations, while USD Cash gives management more flexibility for Bitcoin purchases, securities repurchases and other treasury purposes.

The company is trying to keep enough dollar liquidity on hand while still using the equity market to add Bitcoin.

Strategy has acquired 4,603 BTC for $370M, increased USD Cash by $29M, and repurchased $152M of $STRC. As of 8/30/26, we hold 845,050 bitcoin:native and $6.71B of USD Assets, bringing Net Leverage to 0.0%. $MSTRhttps://t.co/yncvo2BVSH

— Strategy (@Strategy) August 31, 2026

A return to buying at a higher price

Decrypt’s report on the purchase noted that this was Strategy’s first Bitcoin acquisition since June. The company’s $80,318 average price for the latest batch was also above its $75,412 cumulative average cost.

That does not automatically make the purchase good or bad. It does show that Strategy was willing to resume accumulation with Bitcoin near $80,000, and that it could still raise more than $600 million through common-stock sales in a single week.

For Bitcoin holders, the direct signal is renewed corporate demand from the largest public Bitcoin treasury. For MSTR shareholders, the calculation is more complicated.

Issuing common shares can expand the company’s buying power, but it also increases the share count. The relevant question is whether the Bitcoin and other assets acquired create enough per-share value to justify that dilution over time.

The next number to watch

Strategy now controls about 845,050 BTC. At that scale, even a relatively small percentage change in Bitcoin’s price can move the value of the treasury by billions of dollars.

But the company’s latest filing makes clear that its capital strategy is no longer just “sell stock, buy Bitcoin.” It is balancing Bitcoin purchases, cash reserves, preferred dividends and security repurchases in the same weekly allocation.

The $370 million Bitcoin buy confirms that accumulation has restarted. The next test is whether Strategy can keep adding BTC while protecting liquidity and improving the amount of Bitcoin exposure attached to each MSTR share.

That is the measure that will tell investors whether “we’re back” is a one-week announcement or the beginning of another sustained buying run.

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