Strategy Inc. shares jumped 4.4% to close at $132.94 on Monday, August 31, after the company disclosed its first confirmed Bitcoin purchase in more than two months.
The move followed an SEC Form 8-K detailing activity from August 24 to August 30, in which the firm bought 4,603 Bitcoin, continued buying back its STRC preferred stock, and added to its dollar liquidity. Executive Chairman Michael Saylor had previewed the shift a day earlier with a brief social-media post: “We’re back.”
Yahoo Finance data shows that MSTR opened August 31 at $128.57 and closed at $132.94, up $5.63 or 4.42% from Friday’s $127.31 close. The session range was $125.74 to $133.38, with a volume near 24 million shares. The stock remains well below its 52-week high of $365.21 and is still highly volatile, with a beta above 3.5.
The rebound came after a period in which Strategy sold or held Bitcoin while it built cash buffers and retired preferred shares under a Digital Credit Capital Framework adopted in late June. Investors treated the latest filing as a signal that accumulation remains central to the company’s strategy, even as it now manages preferred-stock obligations and a larger cash reserve more actively.
Bitcoin Buying Resumes After a Two-Month Pause
Between August 24 and August 30, Strategy purchased 4,603 Bitcoin for $369.7 million at an average price of $80,318 per coin, inclusive of fees. The acquisition lifted total holdings to 845,050 BTC, acquired for an aggregate $63.73 billion at a blended average cost of $75,412. That stack represents roughly 4% of Bitcoin’s 21 million supply cap.
As mentioned in the filing, the purchase was funded by the company’s at-the-market common-stock program. Strategy sold 4,531,421 Class A shares (MSTR) and raised $602.8 million in net proceeds. Of that amount, $369.7 million went to bitcoin. The rest was allocated to preferred-stock activity and cash.
The timing ended a stretch of more than two months without a confirmed net purchase. Earlier in the summer the company had sold modest amounts of Bitcoin and used equity proceeds to service dividends and repurchase preferred shares rather than add to the treasury. The August 31 filing therefore marked a return to the accumulation pattern that defined Strategy for years after its first bitcoin buy in 2020.
Saylor’s “We’re back” post framed the week as a resumption rather than a one-off. The company still describes itself as a Bitcoin treasury firm that also provides enterprise analytics software. Its common-stock performance continues to track bitcoin closely, which helps explain why a relatively modest weekly purchase—smaller than many of Strategy’s historic weekly buys—coincided with a 4.4% gain in MSTR.
STRC Repurchases and Expanded Dollar Reserves
The same 8-K showed Strategy spent $151.8 million to repurchase 1,557,177 shares of its variable-rate Series A Perpetual Stretch Preferred Stock, ticker STRC. It also allocated $50.7 million to STRC dividends and added about $30 million to unrestricted cash.
Those preferred-stock buybacks form part of a $1 billion Digital Credit Securities repurchase authorization announced June 29. STRC has been the priority under that program. Buying the preferred below its $100 stated amount retires future dividend claims and is intended to strengthen the capital structure.
Read: Strategy’s MSTR Surges While STRC Preferred Shares Struggle to Reach Par
Separate weekly filings earlier in August showed similar STRC repurchase activity as the preferred recovered toward par after trading at a steep discount in the spring.
On the liquidity side, Strategy reported a USD Reserve of $5.10 billion and a USD Cash pool of about $1.61 billion as of late August. The reserve is earmarked for preferred dividends and debt interest.
The newer USD Cash account, established the prior week after a larger $2 billion equity raise, can be used more flexibly—including for bitcoin purchases, further buybacks, or other treasury purposes. Combined dollar liquidity now covers several years of current preferred and interest obligations at existing rates.
The capital framework adopted in June also authorized limited BTC sales and a $1 billion common-stock repurchase program. Management has used those tools selectively while stating that bitcoin remains the primary treasury reserve asset.
As per StockAnalysis data, analysts’ average 12-month price target sits well above the current quote, though ratings and targets have been revised as the company shifted from one-way accumulation to two-way capital management.
The latest week does not restore the exact playbook of 2024 and early 2025. Strategy now issues common stock, retires preferred stock when it trades at a discount, maintains a multi-billion-dollar cash buffer, and has the formal option to sell bitcoin.
The August 24–30 filing simply showed that, after a pause, the company again chose to convert a large share of new equity proceeds into additional coins. Markets priced that choice as supportive on the day the numbers were released. Future weekly filings will show whether the “we’re back” posture holds as bitcoin and the company’s own securities continue to fluctuate.
Also read: Bitcoin’s First Positive August Since 2021 Comes With a Familiar September Test
