Strategy Resumes Bitcoin Buying After Ten-Week Drought
Strategy Inc., a company that holds Bitcoin (BTC) in its portfolio, has resumed buying after a ten-week break. Between August 24 and 30, Strategy acquired 4,603 BTC at an average price of $80,318 per coin, ending the selling streak.
The purchase was funded by $602.8 million raised through the sale of 4.53 million Class A shares via its ATM program. This brings Strategy's total Bitcoin position to 845,050 BTC, with a blended average cost of $75,412 per coin, a total investment of $63.73 billion.
The move is seen as bullish for the stock, with Canaccord maintaining a target price of $175 and Bernstein SocGen targeting $350 by mid-2027, based on Bitcoin reaching $150,000. The new coins were bought at a higher price than the blended average cost, marginally raising the cost basis.
However, each purchase still requires dilutive share issuance, with 4.53 million new shares issued to fund the $369.7 million in BTC purchases. Bitcoin remains below its 52-week high of $365.21, and the company remains unprofitable with a 12% short interest.
The technicals confirm the shift, with daily timeframes flashing a Strong Buy signal, but the weekly chart is Neutral and the monthly remains Sell, reflecting the broader downtrend.