Strategy Buys 4,603 BTC After 10-Week Hiatus

From August 24 to 30, Strategy purchased 4,603 BTC for approximately $369.7 million, at an average price of $80,318 per coin. This marks the company's first return to Bitcoin purchases since late June, a gap of about 10 weeks. Following the transaction, Strategy holds 845,050 BTC at a total cost of approximately $63.73 billion, with an average cost of $75,412 per coin.

The purchase was funded through share sales: Strategy sold 4.5314 million MSTR shares under its ATM program during the period, raising net proceeds of approximately $602.8 million. Of that amount, $369.7 million was used to buy BTC, $151.8 million to repurchase STRC preferred shares, $50.7 million for STRC dividend payments, and $30 million went into a USD cash account. Since late May, Strategy has sold a cumulative 6,948 BTC, raising approximately $432.5 million at an average price of about $62,250 per coin. Analysts note that MicroStrategy's Bitcoin accumulation mechanism relies on the premium of MSTR shares to its Bitcoin net asset value—an expanding premium allows the company to issue equity to fund more purchases, creating a "BTC Yield" flywheel; conversely, a contracting premium could force the company to sell coins to meet dividend and liquidity pressures. The latest buyback is seen as a near-term restart of the flywheel: the Bitcoin rebound and MSTR recovery have reopened the financing window while easing dividend and debt concerns.

[BlockBeats]