MicroStrategy has reactivated its bitcoin strategy, ending a ten-week pause in accumulating the leading cryptocurrency. Between August 24 and 30, the company purchased 4,603 BTC for a total of $369.7 million, at an average purchase price of $80,318 per coin.
This is the first major deal of its kind since late June, and it serves as a logical continuation of recent hints from Chairman Michael Saylor, who posted an intriguing message on social media—"We're ₿ack"—suggesting a return to active buying.
Deal details and funding structure
The acquisition was fully funded through the sale of company shares. Over the week, MicroStrategy sold 4,531,421 Class A shares, raising $602.8 million in net proceeds. Of that amount, $369.7 million was allocated to purchasing bitcoin, $151.8 million to the repurchase of 1,557,177 STRK preferred shares, $50.7 million to STRK dividends, and the remaining $30 million added to treasury cash.
It is worth noting that in July and August, the company acted as a net seller of bitcoin, reducing its reserves to service obligations tied to preferred shares. However, the latest deal signals a shift in priorities: building dollar reserves and maintaining liquidity remain important, but the return to BTC accumulation is a key signal for the market.
Financial position and market context
At the end of the week, the company's dollar reserves reached $5.10 billion, of which $1.61 billion was in cash, and net leverage was reduced to zero. This is a significant point: the company has entered a new accumulation phase with a strengthened balance sheet, reducing risks for shareholders.
MicroStrategy's current portfolio holds 845,050 BTC, acquired for a total of $63.73 billion, giving an average cost of $75,412 per coin. With bitcoin trading at $79,087 on Monday, the company's treasury is up 4.9% relative to costs. However, the latest batch, purchased at $80,318, has already slipped into a slight loss—around 1.5%—representing a paper loss of $5.7 million.
Analyst perspective
Resuming purchases after such a long pause is not just a tactical move but a strategic statement. Reducing leverage to zero while simultaneously repurchasing preferred shares creates a solid foundation for further accumulation. However, the key question remains open: can the company sustain such volumes through new share issuances without excessively diluting current shareholders' stakes?
In the coming weeks, the market will closely watch whether this purchase marks the start of a new accumulation cycle or remains a one-off action. If MicroStrategy continues at the same pace, it could become a powerful bullish signal for institutional demand for bitcoin.