MicroStrategy has once again ramped up its bitcoin strategy, breaking a ten-week lull. Between August 24 and 30, the company acquired 4,603 BTC for $369.7 million, at an average price of $80,318 per coin. This is the first deal of this scale since late June, and it signals a shift in course after a phase of conservative capital management.
The market had already anticipated such a move: hints from Chairman Michael Saylor on social media, including his famous "We're ₿ack," fueled speculation about a resumption of purchases. Now these expectations have been officially confirmed in documents filed with the SEC.
Financial mechanics of the deal
The purchase was financed through the sale of Class A shares — a total of 4,531,421 shares were sold, bringing the company $602.8 million in net proceeds. Of that amount, $369.7 million was allocated to bitcoin, $151.8 million to the repurchase of 1,557,177 STRK preferred shares, $50.7 million to dividends on them, and $30 million remained in the treasury. This allocation demonstrates a balanced approach: the company is not only expanding its crypto assets but also maintaining liquidity and obligations to preferred shareholders.
Notably, in July and August, MicroStrategy acted as a net seller of bitcoin, reducing holdings to service debt obligations. However, the vector has now shifted: the priority has moved back toward accumulation, although the STRK buyback continues, indicating a long-term strategy to strengthen the capital base.
Current positions and market context
As of now, the company's balance sheet holds 845,050 BTC, acquired for a total of $63.73 billion, yielding an average cost basis of $75,412 per coin. With bitcoin trading at around $79,087 on Monday, the "paper" profit stands at approximately 4.9%. However, the new batch, purchased at $80,318, has already slipped into a slight loss — about 1.5%, equivalent to a $5.7 million deficit.
The company's dollar reserves have reached $5.10 billion, of which $1.61 billion is in cash, and net leverage has dropped to zero. This is an important signal: MicroStrategy is approaching a new purchase cycle with a strengthened balance sheet.
Analyst's view
The resumption of purchases is not just a tactical move but a confirmation of Saylor's belief in bitcoin's long-term growth. However, investors should closely monitor how future purchases will be financed: each new share issuance dilutes existing shareholders' stakes, and the effectiveness of this model directly depends on whether MSTR trades above its net asset value. The company's upcoming report will show whether this deal marks the start of a new cycle or remains a one-off event.