Strategy has returned to Bitcoin accumulation after a 10-week hiatus, acquiring 4,603 BTC for $369.7 million. The purchase follows a period in which the company sold BTC, built up dollar reserves, and settled payments on its preferred stock. It also comes after Michael Saylor's "We're ₿ack" tweet, which had fueled speculation that the company would re-enter the market.

The move is a notable shift for Strategy — the largest corporate holder of Bitcoin — which has historically announced purchases almost weekly, making the 10-week pause an unusual stretch for the company.

Strategy Buys 4,603 BTC

According to a filing published Monday, Strategy purchased 4,603 BTC between August 24 and 30 at an average price of $80,318 per BTC.

The $369.7 million acquisition is the company's largest Bitcoin purchase since late June, when Strategy halted buying for nearly 10 weeks. The transaction was financed through the sale of 4,531,421 Class A shares, which generated net proceeds of $602.8 million, continuing the company's established pattern of using at-the-market equity issuance to fund Bitcoin purchases.

The remaining funds were allocated to several other areas. The company repurchased $151.8 million worth of 1,557,177 STRC preferred shares and paid $50.7 million in STRC dividends. An additional $30 million was added to cash.

Bitcoin Holdings Reach 845,050 BTC

Strategy now holds 845,050 BTC, valued at $63.73 billion, acquired at an average cost of $75,412 per coin. Its holdings represent a substantial share of Bitcoin's fixed 21 million coin supply.

With bitcoin trading at around $79,087, the company's overall Bitcoin treasury stands approximately 4.9% higher than the total cost of its purchases. The most recent purchase, however, is currently underwater: at the quoted Bitcoin price of $80,318 per BTC, the newly acquired coins show an unrealized loss of about $5.7 million, or roughly 1.5%. The figures illustrate that Strategy made a substantial purchase even though its overall holdings remain worth more than the total amount spent to acquire them.

Cash Reserves Stay in Focus

The resumption of Bitcoin buying follows a period in which Strategy was a net seller of BTC, built up its dollar reserves, and serviced obligations tied to its preferred stock.

At the end of the week, dollar reserves stood at $5.10 billion, of which $1.61 billion was in cash. Net leverage stood at zero. While the latest transaction marks a shift in Strategy's Bitcoin stance, the firm has continued to commit significant amounts to its preferred-stock approach.

Investors will be watching to see whether Strategy continues to fund Bitcoin purchases through share sales. Key considerations include the dilutive effect of each new tranche and the need for MSTR to trade at a premium to net asset value for the strategy to remain effective.

Upcoming filings will show whether this marks the beginning of a new Bitcoin accumulation cycle or a one-time return following the summer pause.

Source: Crypto Ninjas