Strategy Resumes Bitcoin Buying, Purchasing $370 Million in Tokens

Strategy Inc. restarted its Bitcoin accumulation after a 10-week pause, purchasing $369.7 million in tokens during the week ended Aug. 30, according to a filing released on Monday. The move marks a return to the company's signature strategy following a period where crypto market declines pressured its shares and challenged confidence in its financing model.

The company, co-founded and led by Michael Saylor, funded the purchases partly through a $602.8 million raise via common stock sales. Strategy also bought back $151.8 million of preferred shares during the same period. The firm currently holds approximately $73 billion in Bitcoin, maintaining its position as the largest corporate buyer of the asset.

Market conditions for Strategy have improved modestly, with Bitcoin rebounding toward $80,000. This price action has lifted Strategy's shares ($BTC) and brought the company's market capitalization closer to the value of its Bitcoin holdings. However, the recovery remains limited compared to earlier in the cycle, when issuing stock provided a more efficient method for raising capital to fund additional purchases. The recent rebound has improved the financing backdrop but has not fully restored the engine that powered earlier accumulation phases.

Operationally, Strategy has reshaped its balance sheet to manage liquidity. Last week, the company created a separate cash pool alongside its existing reserve, aiming to provide management with greater flexibility for preferred-stock dividends, debt payments, and other corporate obligations. The two reserves now total $5.1 billion and $1.61 billion, respectively.

Despite these adjustments, Strategy's shares continue to trade at valuations significantly below those seen earlier in the cycle. The stock is down around 60% over the past year, though it rose approximately 2% in pre-market trading following the announcement of the new purchases.