MicroStrategy Resumes Bitcoin Buying With $370M Purchase After Summer Selloff
The treasury company acquired 4,603 BTC at an average of $80,318 per coin, funding the move through stock sales. The purchase marks the firm's return to accumulation mode after months of strategic liquidation.
Back to Accumulation Mode
MicroStrategy has resumed its Bitcoin purchasing campaign, acquiring approximately 4,603 coins valued at $369.7 million during the final week of August 2026. The purchase represents the company’s first meaningful Bitcoin acquisition in roughly two months, according to a Securities and Exchange Commission filing. The coins were acquired at an average price of $80,318 each, significantly higher than the prices at which the firm had divested Bitcoin during the preceding summer period.
Funding Strategy Through Stock Issuance
The company financed the Bitcoin purchase by selling 4.5 million MSTR shares via its at-the-market offering program, generating $602.8 million in gross proceeds. Of that capital, $369.7 million went directly to Bitcoin acquisition, with the remainder allocated to share repurchases, preferred dividend payments, and cash reserves. MicroStrategy simultaneously repurchased 1.5 million of its own STRC preferred shares for $151.8 million during the same period. The shift away from preferred stock funding—which became less cost-effective when STRC valuations dipped below par in June—enabled management to resume Bitcoin accumulation at lower capital costs once common equity markets strengthened.
The treasury company’s Bitcoin portfolio now totals 845,050 coins, accumulated at an average cost basis of $75,412 per coin across total expenditures of $63.73 billion. The firm maintains $6.71 billion in combined dollar reserves, comprising $5.10 billion earmarked for preferred dividends and debt service, plus $1.61 billion in unrestricted cash. Management disclosed achieving zero net leverage following the transactions.
Summer Liquidation Yields to New Accumulation Phase
The renewed buying contrasts sharply with MicroStrategy’s activity over the preceding three months. Between May and August, the company had liquidated 6,948 Bitcoin, realizing approximately $432.5 million at an average price near $62,250 per coin. The strategic decision to sell at lower prices during summer months, then rebuy at roughly 29 percent higher valuations, left the firm’s net Bitcoin position 2,345 coins below pre-liquidation levels—though management retained approximately $63 million in additional cash proceeds from the differential.
The company had previously established a Digital Credit Capital Framework authorizing up to $1.25 billion in emergency Bitcoin sales to cover dividend obligations and repurchase preferred shares when equity funding channels tightened. That mechanism remained largely untouched, with $364.8 million of the authorized amount still available, suggesting management’s confidence in sustainable equity funding for future acquisitions.
MicroStrategy’s return to aggressive Bitcoin accumulation underscores the company’s long-term conviction in digital assets as treasury holdings, particularly as macroeconomic conditions and equity valuations create favorable entry points for large-scale institutional buyers.
Source: MicroStrategy SEC filing, via Decrypt. Not financial advice.
Why it matters: Major institutional Bitcoin accumulation signals renewed appetite for crypto exposure among large corporates, which often influences broader market sentiment and institutional confidence in digital asset holdings.