Strategy Resumes Bitcoin Accumulation: 845,050 BTC Worth US$66.5 Billion

Analysis of Strategy (MicroStrategy)’s Position as of September 2026

Key Highlights

Strategy resumed buying Bitcoin after a several-week accumulation pause. During the period of August 24–30, 2026, the company acquired 4,603 BTC worth US$369.7 million at an average price of US$80,318 per BTC. The purchase was funded by proceeds from share sales through the at-the-market (ATM) program.

With this addition, Strategy’s total Bitcoin holdings have now reached 845,050 BTC, with a total acquisition cost of US$63.73 billion and an average purchase price of US$75,412 per BTC.

Current Financial Position

At a Bitcoin price of around US$78,700 as of September 1, 2026, Strategy’s portfolio is estimated to be worth US$66.5 billion, generating an unrealized gain of approximately US$2.8 billion.

Note: This gain is unrealized and could shrink or turn into a loss if the price of Bitcoin falls below US$75,412.

Portfolio Sensitivity

With holdings of 845,050 BTC, every US$1,000 move in the price of Bitcoin changes the value of Strategy’s portfolio by approximately US$845 million.

· BTC US$100,000 → Portfolio value ~US$84.5 billion (unrealized gain ~US$20.8 billion)
· BTC US$70,000 → Portfolio value ~US$59.2 billion (unrealized loss ~US$4.6 billion)
· BTC US$60,000 → Portfolio value ~US$50.7 billion (unrealized loss ~US$13 billion)

The “Bitcoin Capital Machine” Model

Strategy operates an interconnected capital cycle:

1. Issuing shares/financial instruments
2. Using the funds to buy Bitcoin
3. Increasing the Bitcoin-per-share ratio
4. Leveraging the market valuation premium
5. Accessing new capital to expand BTC reserves

However, this model carries risks when:

· The price of Bitcoin falls
· MSTR shares weaken
· Access to capital is limited
· Preferred obligations and debt mature

Liquidity Management

As of August 30, 2026, Strategy had:

· US$5.10 billion USD Reserve (for preferred dividends and debt interest)
· US$1.61 billion USD Cash (for treasury needs and potential acquisitions)

Important evolution: Strategy is now not only focused on accumulating Bitcoin, but also on ensuring sufficient liquidity to meet its financial obligations as market volatility increases.

Critical Levels to Monitor

1. US$75,412 — Strategy’s average cost, a fundamental psychological level
2. US$70,000 — Potential unrealized loss zone if breached
3. US$100,000 — Bullish target that could unlock significant gains

Risks and Considerations

It is not merely about the price of Bitcoin — Strategy’s greatest risks are a combination of:

· A decline in the price of BTC
· Rising capital costs
· Preferred stock obligations
· Pressure on MSTR shares
· Limited liquidity

BTC ≠ MSTR — Buying Strategy shares means gaining exposure to:

· Bitcoin
· Debt and preferred obligations
· The company’s capital structure
· The software business
· Management execution risk

Conclusion

Strategy is currently in a positive mark-to-market position, with an unrealized gain of approximately US$2.8 billion. However, this corporate experiment is still underway.

Key questions:

· How far can Strategy’s accumulation machine run before the capital markets force it to slow down?
· How high must Bitcoin rise for this strategy to grow stronger?

With 845,050 BTC, approximately 4% of Bitcoin’s total supply, Strategy has become one of the most important institutions in the structure of corporate Bitcoin ownership. This bet on Bitcoin’s scarcity is now too large for global markets to ignore.
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