Strategy Inc., the pioneering Bitcoin-treasury firm led by cofounder Michael Saylor, restarted its primary accumulation strategy after a 10-week pause. A filing on Monday disclosed $369.7 million of Bitcoin purchases for the week that ended Aug. 30. The backdrop has improved modestly: Bitcoin's climb toward $80,000 has buoyed the stock and nudged the company's market value closer to the worth of its Bitcoin pile. Strategy is described as the largest buyer of Bitcoin and now holds roughly $73 billion of the token, which traded around $79,000 on Monday.
To help fund buying, the company sold common shares to bring in $602.8 million and also bought back $151.8 million of preferred stock. In a further move to reshape its finances, management last week established a second cash reserve alongside the current one to increase flexibility for paying preferred dividends, servicing debt, and addressing broader corporate needs. Balances are $5.1 billion and $1.61 billion, respectively.
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Even with the rebound, the recovery is only partial. The shares remain well below the premium levels seen in earlier phases of the cycle, a period in which selling new equity significantly simplified raising money for more Bitcoin. Conditions have brightened, but not enough to fully revive the financing engine that powered past accumulation. On Monday, the common stock gained 4.4% to $132.94 and is still down roughly 60% over the last year.
