Strategy has returned to buying Bitcoin after a roughly ten-week pause, adding 4,603 BTC worth nearly $370 million last week. The purchase comes as Bitcoin’s recent rally has also pushed the company’s massive holdings back into unrealized profit.

Strategy buys 4,603 BTC after Saylor's "We're Back" teaser

Strategy purchased 4,603 BTC for approximately $369.7 million at an average price of $80,318 per coin, marking its first Bitcoin acquisition since late June.

The purchase was funded through the sale of $602.8 million worth of Strategy common stock, according to the company's latest regulatory filing. In addition to funding the Bitcoin acquisition, Strategy used $151.8 million of the proceeds to repurchase shares of its STRC preferred stock, while the remaining capital was added to its cash reserves.

The company now holds 845,050 BTC acquired for a combined $63.73 billion, giving it an average purchase price of $75,412 per Bitcoin.

With BTC trading at around $78,400 on Monday morning, Strategy's Bitcoin position is worth approximately $66.25 billion. That puts the company's holdings roughly $2.5 billion above their aggregate purchase cost.

The announcement came just one day after Executive Chairman Michael Saylor appeared to tease a return to Bitcoin buying. On Sunday, Saylor shared a chart tracking Strategy's holdings on X alongside the message: "We're Back."

Saylor has repeatedly posted similar charts shortly before Strategy's Monday disclosures, making the post a strong hint that another acquisition was coming.

Strategy ends its longest Bitcoin buying drought of the year

The latest purchase ends an unusually long period without fresh Bitcoin accumulation for Strategy. Before last week's transaction, the company hadn't bought BTC since adding 520 coins worth approximately $34.9 million in late June, which was also its smallest weekly purchase of the year.

Strategy spent much of the intervening period focused on what CEO Phong Le has described as "active capital management." Rather than continuing to accumulate Bitcoin, the company sold portions of its holdings and deployed capital elsewhere.

That included the sale of 1,690 BTC for $108.6 million earlier in August, with proceeds used in part to repurchase 1.15 million shares of its STRC preferred stock.

Strategy has also made extensive use of its at-the-market equity programs. The company raised approximately $2.01 billion through MSTR share sales between August 17 and August 23, while also increasing the dividend rate on its STRC preferred stock to 12%.

Those moves significantly strengthened the company's liquidity position, giving Strategy greater flexibility to fund Bitcoin purchases, preferred-stock buybacks, dividends, debt obligations and other corporate purposes.

Strategy's Bitcoin holdings are back in profit

The return to accumulation comes after a volatile period for both Bitcoin and Strategy's treasury.

Earlier this summer, the company's BTC position was sitting roughly $13 billion underwater when Bitcoin traded near $58,000. However, the cryptocurrency has since staged a sharp recovery, supported by strong spot Bitcoin ETF inflows and a weaker U.S. dollar.

At Bitcoin's current price of roughly $78,400, Strategy's average acquisition cost of $75,412 puts its holdings around 4% in the green.

Strategy remains the world's largest corporate Bitcoin holder by a substantial margin, although its current balance of 845,050 BTC is slightly below the 847,363 BTC it held in late June following the company's recent sales.

Shares of Strategy were up approximately 1.65% in pre-market trading on Monday following the announcement.

Despite Bitcoin's rebound, macroeconomic uncertainty remains a potential headwind. Federal Reserve Chair Kevin Warsh recently warned at Jackson Hole that inflation is not cooling quickly enough, raising the possibility of tighter monetary policy.

Bitcoin also remains well below its record high near $126,000 set last October. Still, Strategy's return to buying after its longest accumulation pause of the year suggests that the company remains committed to its Bitcoin treasury strategy even as it places greater emphasis on managing liquidity and its broader capital structure.