Strategy resumes bitcoin buying with $370 million purchase

Strategy resumed bitcoin buying with a 4,603 BTC purchase worth about $369.7 million, lifting its holdings above 4% of supply.

Bitcoin was trading around $78,800 as the company returned to acquisitions after a 10-week pause. The purchase puts Strategy back at the center of the public-company treasury trade, where share issuance, preferred stock and crypto prices now move through the same balance sheet.

Strategy adds 4,603 BTC

The company bought the coins between August 24 and August 30 at an average price of $80,318 per bitcoin. Michael Saylor, Strategy's executive chairman, signaled the return to buying on Sunday with the phrase “We're back.”

Strategy now holds 845,050 BTC, valued at about $66.1 billion at the prices cited in the update. That equals more than 4% of bitcoin's fixed 21 million token supply cap, a concentration that keeps the company tied more closely to the asset than to its original software business.

The purchase was financed through sales of MSTR shares, which raised about $602.8 million last week. Strategy also used $151.8 million to repurchase STRC preferred shares, paid $50.7 million in STRC dividends and added $30 million to its USD Cash account.

Public treasuries add coins

The week also brought fresh buying from Strive, which added 1,800 BTC and became the fifth-largest public bitcoin treasury. The ranking matters because treasury companies have become a visible channel for equity-market investors seeking crypto exposure without directly holding tokens.

Bitmine added another 53,501 ETH as Tom Lee described ether as the “best performing macro asset.” The phrase reflects the current split in listed crypto treasury strategies: bitcoin remains the largest reserve asset, while ether buyers are positioning around staking, tokenized finance and network activity.

The mechanism is straightforward but volatile. When public companies issue shares or preferred stock to buy tokens, investors are underwriting both the crypto asset and the capital structure used to acquire it.

Platforms seek U.S. access

Exchange and marketplace activity pointed to the same search for regulated distribution. Hyperliquid is reported to be seeking a U.S. foothold through a deal with Payward, the parent of Kraken, a move that would place the perpetuals-focused platform closer to American customers.

OpenSea is adding Solana NFT trading more than four years after its first beta effort on the chain. The timing gives the marketplace another route into cheaper, faster NFT activity after Ethereum-based trading lost some of the intensity seen during the last cycle.

Prediction markets also moved further into mainstream sports. Kalshi reportedly became the US Open's exclusive prediction market partner, giving the platform a branded entry point into tennis during one of the sport's highest-profile events.

Cronos halt exposes protocol risk

The Crypto.com-linked Cronos network halted following an exploit of the lending protocol Tectonic. Loss estimates cited for the incident were about $75 million, a figure large enough to test user confidence in both the protocol and the chain around it.

Kalshi also reportedly imposed a permanent ban on former Rep. George Santos over State of the Union insider trading. The case sits at the edge of a larger question for prediction markets: how platforms police information advantages while trying to present their prices as credible signals.

If bitcoin holds near current levels, Strategy's latest purchase increases the mark-to-market value of its treasury and may support continued equity-linked financing. If the token instead falls below recent acquisition prices, the pressure shifts to the company's capital stack and to other public treasuries using similar playbooks.

For the broader market, the next test is whether crypto treasury buying, U.S. access deals and protocol security incidents remain separate stories. If they start feeding into each other, the sector's risk will look less like isolated product events and more like a balance-sheet cycle tied to token prices, liquidity and regulation.