TYSONS CORNER, VIRGINIA — Strategy purchased 4,603 Bitcoin for $369.7 million in the week ended August 30, 2026, ending a 10-week period during which the company did not buy the cryptocurrency. The acquisition brought Strategy's total holdings to 845,050 Bitcoin, representing over 4% of Bitcoin's maximum supply according to a filing with the U.S. Securities and Exchange Commission.

The company funded the purchase by selling 4,531,421 shares of common stock through its at-the-market program, generating $602.8 million in net proceeds. Strategy used $151.8 million of those proceeds to repurchase STRC preferred stock and $50.7 million to pay STRC dividends, while adding $30 million to its USD Cash account. As of August 30, 2026, Strategy's net leverage was reduced to 0.0%, according to the official record of the event.

Strategy acquired the latest Bitcoin at an average price of $80,318 per coin, bringing its aggregate average acquisition price for all holdings to $75,412. The company's USD Reserve balance stood at $5.10 billion as of August 30, 2026, with an unrestricted USD Cash account balance of $1.61 billion. Strategy's combined USD Reserve and USD Cash balances totaled $6.71 billion, while the company owes about $6.71 billion on convertible notes.

Strategy sold 32 Bitcoin for $2.5 million during May 26-31, 2026, marking the first time it had sold Bitcoin since late 2022. The company sold 3,588 Bitcoin for $216 million during June 29-July 5, 2026, followed by 1,638 Bitcoin for $104.73 million during July 27-August 2, 2026. Strategy sold 1,690 Bitcoin for $108.6 million during August 3-9, 2026, with prices ranging between $59,000 and $64,000 per coin during the summer.

Strategy CEO Phong Le stated that recent Bitcoin sales were driven by capital costs to fund STRC dividends rather than Bitcoin price expectations. Le added that the company is willing to buy Bitcoin at $100,000 or higher if the economics make sense. Strategy shifted to a "two-way strategy" that allows it to sell Bitcoin when needed to fund dividends, while maintaining a goal to keep building Bitcoin per share.

Saylor posted "We're ₿ack" on X on August 27, 2026, alongside a chart of the company's Bitcoin holdings. Saylor committed to "buying the top forever" and has stated that Strategy is a public company, not his wallet. He advised investors to "never" sell their Bitcoin and noted that he has never sold any of his personal holdings.

Strategy reported second-quarter fiscal 2026 revenue of $122.4 million on July 30, 2026, alongside an operating loss of $8.3 million. The company reported a net loss of $8.6 billion for the quarter, driven mainly by a non-cash Bitcoin mark-to-market charge. Strategy paid $400.7 million in preferred-share dividends in the second quarter, while its preferred equity rose to $14.4 billion helped by strong issuance of STRC.

Strategy holds nearly $9 billion in unrealized losses on its Bitcoin holdings as of late August 2026, though it sat on an unrealized profit of $2.25 billion as of August 31, 2026. The company's holdings were worth more than $72 billion in late August 2026, with values fluctuating based on Bitcoin's price movements. Bitcoin traded at approximately $77,300 per coin in early September 2026, after reaching a high of $81,479 in late August 2026.

Wall Street analysts remain divided on Strategy's valuation despite the renewed buying activity. Canaccord Genuity raised its price target on Strategy stock from $130 to $175 and maintained a Buy rating. Bernstein lowered its price target from $450 to $350 and maintained an Outperform rating. Strategy's mean analyst price target is $224.25, with a high target of $435.

Strategy stock traded at $123.47 per share on September 2, 2026, after closing at $132.94 on August 31, 2026, rising 4.4%. The stock declined 64% over the 12 months prior to September 2026, though it rose 32% in the month prior to September 2026. Strategy's market capitalization was $48.9 billion in late August 2026, with the stock trading 65% below its 52-week high of $365.21.

Why It Matters

Strategy is the world's largest corporate holder of Bitcoin and operates as a Bitcoin treasury company, offering investors varying degrees of economic exposure to the asset through equity and fixed-income instruments. The company's model depends on trading above the value of the Bitcoin it owns, allowing it to sell new shares at a higher price to buy more Bitcoin and lift the amount of Bitcoin behind each share. Strategy's balance sheet can change sharply with BTC prices, creating large reported gains or losses.

The company created a Digital Credit Capital Framework in late June 2026 authorizing up to $1.25 billion of Bitcoin sales to cover dividends and buy back preferred shares. Strategy intends to repurchase STRC shares in a regular and disciplined manner when they trade below $100, with $364.8 million remaining of its $1 billion digital credit repurchase authorization. The company also has a separate $1 billion authorization to buy back MSTR stock that remains untouched.

Timeline

On January 1, 2013, Michael Saylor tweeted seven years before 2020 that "#Bitcoin days are numbered." Strategy's first Bitcoin purchase was $250 million in 2020. In December 2024, Michael Saylor likened Strategy's Bitcoin strategy to Manhattan real estate development. Strategy introduced STRC, a dividend-paying share class, in July 2025.

Strategy sold Bitcoin for the first time since late 2022 in late May 2026, selling 32 Bitcoin for $2.5 million during May 26-31, 2026. Strategy's last Bitcoin purchase before the hiatus was 520 BTC for $34.9 million during June 15-21, 2026. Strategy created a Digital Credit Capital Framework in late June 2026 authorizing up to $1.25 billion of Bitcoin sales to cover dividends and buy back preferred shares.

What's New

Additional reporting indicates that Michael Saylor likened Strategy's Bitcoin strategy to Manhattan real estate development in December 2024. Michael Saylor set a price target of $13 million per Bitcoin over 21 years.

Strategy previously sold 6,916 BTC for $429 million between June 29 and August 23, 2026, to restructure its balance sheet, including raising $4.56 billion through MSTR share issuance and repurchasing $500 million of STRC preferred shares. Michael Saylor posted "We're ₿ack" on X on August 27, 2026, alongside a chart of Strategy's Bitcoin holdings. Strategy intended to repurchase STRC shares in a regular and disciplined manner when they traded below $100. Michael Saylor committed to "buying the top forever."

How Sources Differ

Sources differ on details regarding Strategy. Another source states that Strategy's preferred equity rose to $14.4 billion helped by strong issuance of STRC.

Sources also differ on details regarding the bitcoin purchase. One source states that Strategy funded the Bitcoin purchase by selling 4,531,421 shares of common stock through its at-the-market program, generating $602.8 million in net proceeds. Another source notes that Strategy stock rose nearly 3% following the Bitcoin purchase announcement on August 31, 2026.