At the end of August, Strategy returned to active bitcoin purchases for the first time in ten weeks, acquiring 4,603 BTC worth $369.7 million. The average transaction price was $80,318, which served as a clear signal amid the recovery of MSTR quotes from summer lows. Shares closed at $127.31 on Friday, August 28, and rose to $132.94 by August 31.
Current balance sheet status
The company's holdings reached 845,050 BTC with an average entry price of $75,412 and total expenditures of $63.73 billion. Dollar-denominated assets amount to $6.71 billion, including a reserve of $5.1 billion and $1.61 billion in cash. Net leverage is zero—the company completely avoids debt burden.
The senior liability stack, including convertible notes and four preferred stock lines, is valued at $20.8 billion at par, which corresponds to 31% of the bitcoin portfolio's value. The annual burden from dividends and interest is about $1.76 billion, and the reserve covers these expenses for 35 months ahead, significantly exceeding the mandatory minimum of 12 months.
New game mechanics
The key point is the framework adopted by the company, according to which share issuance through the ATM is permitted only when mNAV is above 1.00x. Currently, this multiple stands at 1.05–1.06x, providing a 6% margin to the critical threshold. Below this level, the company is obligated to switch to buying back its own securities—first STRC, then MSTR—as a more profitable operation than purchasing bitcoin.
The $5.1 billion reserve can be used exclusively for dividends and interest, and the $5 billion BTC monetization program grants the right to sell part of the holdings to replenish the reserve without share dilution. Thus, Michael Saylor now has three independent levers of control, and the choice of a specific instrument depends on where MSTR and STRC trade relative to their par values.
Key indicators to watch
The main trigger for the next phase is STRC moving above its $100 par value. This would open a second funding channel without dilution, and the share of proceeds from placements directed into bitcoin could grow from the current 61% to 90% and higher. The second important signal is a sustained hold of mNAV above 1.00x for a week, rather than a one-off intraday spike.
From the calendar, it is worth noting Monday's 8-K disclosures with the weekly purchase report, the November 4 earnings report, and the pace of spending the monetization limit. Saylor's social media posts typically precede such disclosures but are not a reliable signal—he used the same pattern when selling bitcoin as well.
Price dynamics analysis
It is telling that from August 23 to 30, BTC traded in the range of $77,081–81,360, with the low occurring on Sunday and the high on Tuesday amid a short squeeze. Strategy's average purchase price was $80,318—the upper quartile of the range. The company preferred to buy at the upper boundary rather than at local lows, repeating the reflex of the 2024–2025 phase.
There is a possibility that funding could come not only through the ATM or direct BTC sales. The company already calls bitcoin capital, and a logical next step could be selling options on part of the bitcoin reserve to major market makers. Such deals could create additional hedging flow in the spot and futures markets, but its direction will depend on the option's structure.
For now, Strategy remains a stabilizing rather than a pushing factor: $300–800 million per week is noticeable but incomparable to the volumes of 2024–2025. The company will become a market driver again under one of two conditions: mNAV moves above 1.15–1.20x and lifts the restriction on the ATM size, or STRC moves above par and opens a second funding channel.
My expert commentary: Purchases at local highs should be read as the first sign that Saylor is feeling out the bottom of his own crisis, not as a confirmed reversal. The market will need a sustained consolidation of mNAV above 1.10x to talk about the company's full return to the role of an aggressive accumulator capable of driving the price of bitcoin upward.
