Strategy is buying again. Two weeks ago it was selling.

4,603 BTC for $369.7 million, average $80,318 — already underwater. The bigger story is the altcoin ETF rotation happening around it.

“We’re back” — what the filing actually shows

Michael Saylor posted two words on X on the morning of 31 August. The 8-K filed with the SEC the same day filled in the rest: Strategy bought 4,603 BTC between 24 and 30 August at an average of $80,318 per coin, inclusive of fees, for a total of $369.7 million. It was the company’s first disclosed Bitcoin purchase since 22 June 2026, ending a ten-week dry spell during which it had sold — not bought — Bitcoin on four separate occasions.

Michael Saylor on X, 31 August 2026 — confirming the return to accumulation

Holdings now stand at 845,050 BTC, at an aggregate cost of $63.73 billion and a blended average of $75,412 per coin. At Bitcoin’s price of roughly $77,800 at the time of disclosure, the total treasury was worth about $65.7 billion — above total cost, but with the newest tranche already about $2,000 per coin underwater.

Where the money came from — and where most of it went

Strategy financed the purchase entirely through its at-the-market MSTR share programme, selling 4,531,421 shares during the week for $602.8 million in net proceeds after commissions. Of that total, $369.7 million went to Bitcoin, $151.8 million to repurchasing STRC preferred shares, $50.7 million to fund STRC dividends, and the remainder to the cash reserve. So for every dollar raised, roughly 61 cents bought Bitcoin and 39 cents serviced the preferred capital structure.

Strategy Form 8-K, 31 August 2026 — full breakdown of the acquisition and capital allocation

Strategy BTC treasury: total cost versus market value at three snapshots.

The altcoin ETF rotation is the bigger story this week

The Bitcoin purchase drew the most headlines, but the ETF flows around it tell a different story about where institutional money is actually moving. In the week ending 29 August, Solana ETFs pulled in $153.87 million — more than five times the prior week — and Bitwise’s BSOL crossed $1 billion in assets. XRP funds took in $110.49 million, a 2026 weekly record, lifting cumulative net inflows past $1.6 billion. Ether funds had their strongest week since October 2025 at $824.42 million, led by BlackRock’s ETHA with roughly $567 million.

What the September calendar adds

Strategy’s fresh purchase sits at the entry point of a month that already has the Fed, the CLARITY Act cloture vote and $1.53 billion in scheduled token unlocks — including a $797 million Hyperliquid release — landing in the same two-week window. Macro headwinds entering September are real: oil above $92, the 10-year Treasury yield at 4.78%, and Fed rate-hike odds running near 60% after Chair Warsh’s Jackson Hole remarks. Bitcoin opened September at $77,155 and trades near $77,821 as of this writing.

Sources

• FinanceFeeds, 31 August 2026
• news, 31 August 2026
• CoinReporter, 2 September 2026
• CryptoBriefing, 31 August 2026
• Strategy 8-K, 31 August 2026
• CoinStats AI, 1–3 September 2026