Strategy (MSTR) stock gains after resuming Bitcoin purchases after 10 weeks

Shares of Michael Saylor-backed Strategy (formerly known as Microstrategy) MSTR rose in trading on Monday after the company resumed buying Bitcoin (BTC), ending a 10-week pause in acquisitions.

Strategy said in an 8-K filing with the US Securities and Exchange Commission that it acquired 4,603 BTC for approximately $369.7 million between Aug. 24 and Aug. 30. The company paid an average of $80,318 per Bitcoin for the latest purchase.

The acquisition was funded through sales of Strategy's Class A common stock under its at-the-market (ATM) program. The company sold 4,531,421 MSTR shares for approximately $602.8 million during the period.

Strategy allocated $151.8 million of the proceeds to repurchase 1,557,177 shares of its STRC preferred stock and $50.7 million to STRC dividends. The remaining $30 million was added to its USD Cash account.

MSTR rose as much as 1.72% in trading Monday, putting the stock on track for its strongest monthly gain since November 2024.

Strategy's Bitcoin holdings reach 845,050 BTC

The latest purchase takes Strategy's total Bitcoin holdings to 845,050 BTC. The company has spent approximately $63.73 billion acquiring the Bitcoin, including fees and expenses, at an average cost of $75,412 per BTC.

At Bitcoin prices above $78,000, Strategy's holdings were worth roughly $66.1 billion. The company's Bitcoin stash represents more than 4% of the cryptocurrency's 21 million maximum supply.

The latest acquisition marks Strategy's first reported Bitcoin purchase since June 22, when it added 520 BTC.

The company subsequently sold Bitcoin under its BTC Monetization Program and reported several weekly periods without purchases or sales while it built its USD Reserve and launched the USD Cash account.

Bitcoin was trading around $78,630, down approximately 0.2% over the previous 24 hours.

Strategy had about $1.61 billion in its USD Cash account as of Aug. 30, while its USD Reserve stood at $5.1 billion.

The company also had $19.09 billion of MSTR shares available for issuance and sale under its ATM program.

Saylor signals return to Bitcoin buying

Strategy's return to Bitcoin accumulation was signaled by Executive Chairman and co-founder Michael Saylor over the weekend.

On Sunday, Saylor posted "We're back" on X, indicating that the company was preparing to disclose a new Bitcoin purchase.

He followed that with another post on Monday saying, "paint the bears orange," a phrase associated with Strategy's Bitcoin buying announcements.

The company has recently introduced a framework governing its capital allocation and digital credit securities.

Under its Digital Credit Capital Framework, Strategy limited its USD reserve to preferred stock dividends and interest payments.

It also authorized a $1 billion program to repurchase digital credit securities, initially focusing on STRC, alongside a separate $1 billion common-stock buyback program.

Strategy later expanded its BTC Monetization Program to allow up to $5 billion in Bitcoin sales to fund reserves, dividends, interest payments and securities repurchases.

Strategy's stock gained 6.3% last week to close Friday at $127.31. Bitcoin rose about 1% during the same period and remained more than 25% higher over the past month.

Meanwhile, Bitcoin treasury companies continue to expand.

Bitcoin Treasuries data showed that 198 public companies had adopted some form of Bitcoin acquisition strategy.