Strategy CEO Phong Le has clarified the company's Bitcoin acquisition strategy, explaining that cost of capital, not market timing, drives Bitcoin purchases. As per Le's latest statements, the company's resumed Bitcoin purchases follow a 10-week pause spent shoring up its balance sheet, with the underlying calculation compared to financing a data center buildout. "We don't really make decisions on Bitcoin specific to Bitcoin price," Le stated, emphasizing that the trade only works when selling shares or debt costs less than Bitcoin's expected return. The company ranked fourth among public companies for equity capital raised this year, behind only SpaceX, Google, and Intel, according to Le's comments. Strategy's stock was trading higher following the announcement, with the company's MSTR stock sitting at $132.94, up 42.5% over the past month.
Strategy has officially resumed its Bitcoin corporate treasury program with a significant purchase of 4,603 BTC for $369.7 million at an average price of $80,318 per coin between August 24-30, ending a ten-week selling streak during which the company offloaded 6,948 BTC for $432.5 million to fund preferred stock dividends and share repurchases. This marks the company's first Bitcoin acquisition in two months and brings Strategy's total holdings to 845,050 BTC with a blended average cost of $75,412 per coin, representing a total investment of $63.73 billion. The purchase ended a buying pause that ran through the summer and represents a fresh signal that the accumulation program is active again, with the company snapping a stretch of net selling that began in June 2026. As per latest reports, Strategy's stock was trading higher following the announcement, with the company's MSTR stock sitting at $132.94, up 42.5% over the past month.
The mechanics of the deal involved selling 4,531,421 MSTR shares through the company's at-the-market program during the week, generating $602.8 million in net proceeds. The filing shows that $369.7 million of those proceeds funded the 4,603 BTC purchase, while the remaining $151.8 million was split between repurchasing 1,557,177 shares of STRC preferred stock, funding $50.7 million in STRC dividends, and adding $30 million to the company's USD Cash liquidity account. As of August 30, 2026, Strategy holds 845,050 bitcoin and maintains $5.10 billion in USD Reserve and $1.61 billion in USD Cash balances, bringing net leverage to 0.0%. The company's total Bitcoin acquisition cost now stands at approximately $63.73 billion, with this latest purchase bringing the company's total position above its aggregate purchase cost.
Strategy has spent $635.2 million repurchasing its STRC perpetual preferred stock as the security continues to trade below its $100 par value at around $97.34, despite recovering from a low near $71. The latest STRC repurchase totaled $151.8 million at an average price of $97.48 per share, covering 1.56 million STRC shares as part of a program designed to support the preferred stock. The company introduced a $1 billion authorization for preferred stock repurchases in late June as part of its Digital Credit Capital Framework, which set aside another $1 billion for common stock buybacks and raised STRC's annualized dividend rate to 12%. Since then, the size of Strategy's weekly purchases has increased along with STRC's price, with the company repurchasing $25 million of STRC during the week ended July 26 when the preferred shares remained well below par. CEO Phong Le indicated in July that Strategy planned to resume issuing STRC once the security returned to par, linking the recovery directly to the company's ability to use the preferred stock for future Bitcoin purchases.
Le's comments suggest he expects Bitcoin's rally to continue well beyond current levels, with the company willing to buy at $80,000, $90,000, or $100,000 and even at a $130,000 all-time high. "I don't foresee us holding Bitcoin as we enter into what I consider a heavy bull market," Le stated, arguing that today's purchases would look justified if Bitcoin later climbs to $260,000. The conviction behind this bullish outlook also informs Strategy's fight against an MSCI index removal proposal, which would exclude companies with large Bitcoin treasuries. Le has called the proposal discriminatory, arguing that Bitcoin functions as an operating asset on Strategy's balance sheet, not a passive holding. That distinction could decide whether Strategy stays in MSCI's indexes when a ruling arrives October 16. Strategy CEO Phong Le marked the shift with a characteristically blunt post on X: "We're ₿ack," signaling the company's return to accumulation.
