Strategy, the largest corporate bitcoin holder, resumed its buying spree this week after a 10-week pause, snapping up 4,603 BTC for $369.7 million between Aug. 24 and 30. The purchases, at an average price of $80,318 per coin, mark a shift back to accumulation after the company spent the summer building cash reserves and buying back its own stock.
Why the pause
Strategy paused bitcoin buys in June to focus on building a cash buffer, buying back stock, and occasionally selling holdings. CEO Phong Le said the company is evolving from one-way capital issuance to active capital management. That meant stepping back from the market while it reworked its balance sheet. The pause wasn't a retreat from bitcoin — it was a repositioning.
The new reserves
The company now holds $5.1 billion in its USD Reserve and $1.61 billion in a new USD Cash reserve announced last week. Chairman Michael Saylor said Strategy is focusing on creating digital credit, such as preferred equity STRC backed by bitcoin holdings. That's a shift from simply buying and holding bitcoin to using it as collateral for new financial products. The new reserve gives the company more flexibility to manage its capital without selling coins.
Market reaction
Strategy's stock (NASDAQ: MSTR) traded slightly higher on Monday morning, but is down nearly 20% year-to-date. Bitcoin itself was at $77,821 on Monday morning after hitting a high of $81,281 last week. Over the past 30 days, bitcoin has jumped more than 24%. The resumption of buying comes as the market has rallied, though the company's average purchase price this week sits above the current spot price.
Strategy began buying bitcoin in August 2020 as a treasury strategy and has spent more than $63.7 billion on the asset. It now holds 845,050 bitcoins worth $65.8 billion at current prices. The approach spawned a wave of copycat companies adopting similar crypto-treasury strategies, though none have matched Strategy's scale. With the new reserves and the digital credit push, the company is trying to do more than just accumulate — it's building a financial layer on top of its bitcoin stack.
