Michael Saylor's Strategy Stopped Buying Bitcoin For 10 Weeks. Now It's Back With A $370M Purchase.

Michael Saylor's Strategy has resumed buying Bitcoin after a 10-week pause, spending nearly $370 million as the cryptocurrency's recovery toward $80,000 gives the world's largest corporate Bitcoin holder more room to continue its accumulation strategy.

Between Aug. 24 and Aug. 30, Strategy bought 4,603 Bitcoin for $369.7 million at an average price of $80,318 per token, according to an SEC filing. The purchase increased the company's holdings to 845,050 Bitcoin, acquired for a combined $63.73 billion at an average cost of $75,412 per token.

The latest purchase was Strategy's first since June, ending a 10-week stretch in which falling cryptocurrency prices and pressure on the company's shares weakened the financing model that had supported its aggressive Bitcoin buying. The Wall Street Journal reported that Strategy had paused purchases and sold a small amount of Bitcoin while working to strengthen its finances during the downturn.

Funding for the latest acquisition came largely through Strategy's at-the-market common-stock program, with the company raising about $602.8 million in net proceeds from share sales during the week. Of that amount, $369.7 million went toward Bitcoin purchases, while another $151.8 million was used to repurchase roughly 1.56 million shares of its STRC preferred stock, the SEC filing showed.