MicroStrategy has finally returned to active Bitcoin accumulation, buying 4,603 BTC for $369.7 million between August 24 and August 30. After roughly 10 weeks without a major treasury addition, the purchase puts the company’s buying strategy back under the microscope.
The acquisition was funded through the sale of 4,531,421 Class A shares, which generated $602.8 million in net proceeds. The company allocated $369.7 million to BTC, while $151.8 million went toward buying back 1,557,177 STRC preferred shares, $50.7 million covered STRC dividends and the remaining $30 million went into cash reserves.
That’s quite a different setup from July and August, when MicroStrategy was effectively a net seller while strengthening liquidity and addressing preferred-stock obligations.
Following the latest purchase, MicroStrategy holds 845,050 BTC acquired for a total of $63.73 billion. The aggregate cost basis stands at $75,412 per coin, while the current BTC price cited in the data is around $79,087, leaving the overall treasury approximately 4.9% in profit.
The balance sheet also remains well supplied, with $5.10 billion in total USD reserves, including $1.61 billion in cash, alongside zero net leverage.
Still, the latest purchase isn’t exactly sitting pretty. The new 4,603-BTC tranche was bought at an average $80,318, above the cited market price, leaving the allocation roughly 1.5% underwater, or about $5.7 million on paper.
That’s the part markets will care about. One purchase ends the hiatus, but it doesn’t yet prove another sustained accumulation cycle has begun.
There’s also the continuing dependence on MSTR share issuance. Issuing equity can dilute existing shareholders, and the strategy needs the stock to trade above net asset value for those purchases to remain accretive.
For now, MicroStrategy’s Bitcoin accumulation has returned after a long pause. Whether this becomes another buying streak or merely a one-off re-entry is still uncertain, at this time.
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