Strategy, the world's largest digital asset treasury company, has ended a two-month pause in Bitcoin purchases. On Monday, the company announced it had bought $370 million worth of Bitcoin at an average price of roughly $80,300 per BTC. Following the announcement, Strategy shares rose nearly 3% to trade at around $130. The resumption is a signal that the company is once again willing to deploy capital into Bitcoin after a stretch in which it had prioritized preserving cash and meeting obligations to shareholders.

According to an SEC filing, the Bitcoin was purchased with part of the proceeds from sales of newly issued MSTR shares. The remainder went toward paying dividends, repurchasing STRC—a separate class of Strategy shares that pays investors regular income—and adding $30 million to the company's cash balance. The choice of equity issuance rather than debt marks a shift in how the company funds purchases, after borrowing costs and leverage concerns weighed on the model during the downturn.

The purchase comes as Bitcoin stages a brief rebound, trading at roughly $78,800 on Monday. After spending much of the previous 10 months in a bear market, the cryptocurrency surged more than 23% in a single day on Aug. 21, reclaiming $79,000 for the first time since May, according to crypto data aggregator CoinGecko. The rally has also pushed the value of Strategy's holdings back above its cost basis, reversing a streak of steep paper losses. Because Strategy holds 4% of the total Bitcoin supply, its financial health is closely tied to the cryptocurrency's price swings, and its purchase disclosures have become a closely watched indicator of institutional Bitcoin demand.

Strategy's aggressive accumulation model—historically funded through new share sales and borrowed money—came under strain during the downturn. As Bitcoin's value declined, Strategy's holdings lost value and its capacity to raise fresh cash for further purchases weakened.

That pressure led Strategy to abandon its earlier "never sell your Bitcoin" posture. In late June, with Bitcoin trading at $58,500—down 53% from its all-time high—Strategy sold a portion of its holdings to meet financial obligations. Over the summer, the company sold Bitcoin on three additional occasions, with total sales amounting to roughly $544 million.

The company has faced mounting shareholder pressure over its aggressive buying strategy, particularly as MSTR shares have fallen more than 60% over the past year. In response, Strategy has explored new funding methods, though several have drawn criticism or produced disappointing results.

In July 2025, the company introduced STRC, a dividend-paying share class designed to attract income-focused investors and provide another source of cash for Bitcoin purchases. STRC investors receive regular payouts, unlike MSTR common shareholders, who mainly benefit when Strategy's stock rises.

In June, after Bitcoin's downturn strained the model, Strategy established a new financial backstop. The plan set aside cash for dividend and interest payments and gave the company the option to buy back shares or sell Bitcoin if needed. Even so, Strategy must still generate cash to make regular payments to STRC investors, leaving it dependent on new share sales or Bitcoin sales.

More recently, the company has focused on rebuilding its cash reserves to ensure it can continue paying dividends even if Bitcoin's price remains weak. Going forward, the pace of future purchases—and whether they are funded through equity, STRC repurchases, or other instruments—will be visible in the company's regular SEC filings, which disclose each Bitcoin acquisition and its funding source.

This story was originally featured on Fortune.com.