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Strategy CEO Phong Le says Bitcoin accumulation will resume by year-end. The firm holds 840,447 BTC at a $75,385 cost basis amid a 27% price decline.
Strategy, formerly known as MicroStrategy, has paused its Bitcoin purchases since June 22 and executed four separate sales of the asset to bolster its balance sheet [1]. CEO Phong Le confirmed that the company intends to resume accumulation by the end of the year, contingent on stabilizing its financial position and the performance of its STRC preferred stock [1].
| At a glance | |
|---|---|
| Current Bitcoin Price | $64,000 |
| Year-to-Date BTC Price Change | -27% |
| Strategy BTC Holdings | 840,447 BTC |
| Average BTC Cost Basis | $75,385 |
The company’s pivot from an aggressive accumulation model to a capital management plan follows a period of downward price pressure on Bitcoin [1]. While Strategy previously maintained a policy against selling its holdings, it has offloaded 7,000 BTC year-to-date, including a recent sale at $64,262—a price point below its average cost basis [1]. These sales, combined with a $653.1 million share offering, have increased the company's cash reserves to $4.65 billion [1].
Management is currently prioritizing the support of its STRC preferred stock, which has recovered to $95 from a summer low of $75, moving closer to its $100 par value [1]. Despite the recent sales, the company remains a net buyer for the year, having acquired 175,000 BTC since January [1]. However, the firm’s heavy exposure to Bitcoin has resulted in nearly $10 billion in unrealized paper losses, complicating its ability to maintain its previous pace of acquisition [1].
The company’s stock price has remained stagnant since June, coinciding with the cessation of its Bitcoin buying program [1]. Analysts note that the firm’s aggressive strategy is currently constrained by the price of Bitcoin, which remains mired below the company's $75,385 average cost basis [1]. While CEO Phong Le has expressed expectations that the firm will outperform Bitcoin in the next bull cycle, the immediate focus remains on balance sheet repair [2].
The central question for investors remains whether Strategy can successfully transition to a more flexible capital management model without sacrificing its identity as a primary Bitcoin accumulator. With the company’s buying operations currently on hold, the firm’s financial health is now tethered to both the volatility of the crypto market and its own ability to manage dilution and debt obligations [1].
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 2 outlets · Aug 25, 2026 · How we report
MicroStrategy treats Bitcoin as its primary treasury asset, using a combination of equity and credit instruments to accumulate holdings while managing liquidity for corporate obligations.
While the firm has historically emphasized long-term accumulation, reports indicate that it has engaged in Bitcoin sales to strengthen dollar reserves and cover dividend payments.
The company raises capital primarily through at-the-market sales of common stock and the issuance of perpetual preferred shares.
MicroStrategy stock often mirrors the performance of Bitcoin, with both assets frequently rising or falling in tandem during market shifts.