Strategy has returned to buying bitcoin after a roughly 10-week pause, purchasing 4,603 BTC for about $369.7 million.

The company, led by Executive Chairman Michael Saylor, purchased 4,603 BTC for about $369.7 million between August 24 and August 30. The average price was $80,318 per bitcoin, according to a filing with the US Securities and Exchange Commission.

The purchase brings Strategy’s total bitcoin holdings to 845,050 BTC. The company has spent about $63.73 billion acquiring its bitcoin, including fees and expenses, at an average price of $75,412 per coin.

This is Strategy’s first major bitcoin purchase since June. Strategy says it has paid for the bitcoin mainly by selling its own shares.

During the week, the company sold 4,531,421 MSTR shares through its at-the-market (ATM) program. The sales raised about $602.8 million after commissions.

Of those funds, Strategy used $369.7 million to buy bitcoin. It also spent $151.8 million to buy back 1,557,177 shares of its STRC preferred stock. Another $50.7 million went toward STRC dividends, while $30 million was added to its cash reserves.

As of August 30, Strategy had $5.10 billion in its USD Reserve and another $1.61 billion in unrestricted cash. Together, the two pools totaled $6.71 billion. The company reported net leverage of zero.

The latest purchase followed a clear signal from Saylor. Over the weekend, he posted “We’re back” on X, suggesting that Strategy was preparing to resume bitcoin purchases.

Saylor has frequently used short posts on social media to hint at upcoming bitcoin purchases before the company makes them official.

The new purchase is particularly interesting because Strategy had been selling bitcoin during the summer.

Between May and August, the company sold 6,948 BTC for roughly $432.5 million. The average selling price was about $62,250 per bitcoin.

Strategy has now bought bitcoin again at $80,318 per coin, about 29% higher than the average price at which it sold those earlier coins.

Because of the sales, Strategy currently owns 2,345 fewer BTC than it did before the selling period began.

However, the company has also strengthened its cash position and bought back STRC shares. Its cash stockpile has grown from $876 million in May to more than $6.7 billion in August.

The recent return to buying bitcoin could signal that the company is now confident in its cash reserves and back on track to pursue its bitcoin ambitions.

The latest purchase was also made above the bitcoin market price reported around the time of the announcement, which was roughly $78,000 to $79,000.

Nevertheless, Strategy’s overall bitcoin holdings remain profitable based on their average acquisition cost.

Analysts believe that the reason for the pause was weakness in STRC, Strategy’s preferred stock. STRC fell below its $100 par value in June, making it harder for Strategy to use the security as a source of funding for bitcoin purchases. The fall in STRC pushed it towards building a bigger and better cash reserves.

The company responded by building up its cash reserves and creating a Digital Credit Capital Framework.

The framework gives Strategy more flexibility to sell bitcoin to help cover preferred-stock dividends, interest payments and certain share buybacks.

Strategy also has a $1 billion authorization to repurchase its digital credit securities, including STRC. After its latest buybacks, about $364.8 million remained available under that authorization.

A separate $1 billion program to buy back MSTR common stock remained unused.

Strategy remains the world's largest corporate bitcoin holder, with 845,050 BTC. The latest purchase shows that the company is willing to return to its familiar strategy of using capital markets to increase its bitcoin holdings.

But investors will want to know whether this is the beginning of another sustained buying cycle or simply a one-time purchase.

Strategy still had about $19.09 billion of MSTR shares available for sale under its ATM program as of August 30. That gives the company significant room to raise more money through stock sales.