Michael Saylor’s Strategy Returns to Buying With $370M Bitcoin

Michael Saylor’s Strategy Returns to Buying With $370M Bitcoin — Is Price Breakout Coming?

• BTC-USD
• MSTR

• Strategy bought 4,603 Bitcoin for $369.7 million, ending 10 consecutive reporting weeks without a BTC acquisition.

• It comes after Michael Saylor’s cryptic “we’re back” post sparked debate.

• Bitcoin could retest $80,000 if it holds above $77,000, although analysts say favorable Federal Reserve signals are still needed to confirm a breakout.

Michael Saylor’s Strategy has resumed buying Bitcoin after a 10-week pause, adding $369.7 million in BTC as it attempts to reclaim $80,000.

The purchase followed Saylor’s cryptic “We’re back” post, which divided observers over whether the executive chairman was teasing a new acquisition.

While the subsequent announcement settled the purchase question, Bitcoin’s latest price moves are sparking debate over whether institutional confidence will translate into a sustained breakout above $80,000.

Strategy Buys Bitcoin Again After 10-Week Pause

Strategy disclosed in an SEC filing that it purchased 4,603 Bitcoin for $369.7 million between Aug. 24 and Aug. 30.

The company paid an average of $80,318 for each coin, taking its total holdings to 845,050 BTC.

The acquisition ended 10 consecutive reporting weeks without a purchase.

Strategy’s previous addition came during the week ending June 14, when it spent $100 million on 1,587 BTC.

The latest Bitcoin acquisition was funded by the sale of approximately 4.53 million MSTR shares, generating $602.8 million in net proceeds.

As of Aug. 30, the company held a $5.1 billion US dollar reserve and $1.61 billion in additional cash, bringing its total dollar assets to $6.71 billion.

Saylor said the moves had reduced Strategy’s net leverage to 0%.

Saylor’s ‘We’re Back’ Post Fuels Purchase Rumors

The announcement came one day after Saylor posted a StrategyTracker chart alongside the two-word message: “We’re back.”

Because Bitcoin had climbed back above that cost basis, some observers interpreted the message as a celebration of Strategy returning to an unrealized profit.

Others believed it was the latest in Saylor’s long-running series of social media hints preceding a Bitcoin purchase.

Popular X account Bitcoin Archive suggested the return could help revive retail and institutional buying interest.

Could Bitcoin Break Above $80,000?

Strategy’s second-quarter results showed the company held 843,775 BTC worth $54.77 billion as of July 26, following an $8.32 billion unrealized digital asset loss during the quarter.

Bitcoin was trading around $78,600, up approximately 0.6% over 24 hours, as Strategy announced its latest purchase.

Source: finance.yahoo.com