Strategy Is Buying Again. Conviction or Convenience?

Welcome to the Bitcoin Balance Sheet. Each Monday, we recap last week's key developments and share our publication's leading stories.

The bid came back. After ten weeks without a purchase, Strategy added 4,603 bitcoin, Strive vaulted into the No. 5 spot by flipping Bullish, and Singapore’s Genius Group laid out an $827 million restart after selling its treasury to zero. Here's what mattered.

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Strategy Buys 4,603 Bitcoin After a Ten-Week Freeze

Strategy acquired 4,603 BTC for $369.7 million at an average of $80,318 — the first reported purchase since June 22. Holdings now stand at 845,050 BTC, still about 4% of supply, at an aggregate cost of $63.73 billion.

The coins were not funded by new STRC issuance. Strategy sold 4,531,421 MSTR shares for $602.8 million, then split the proceeds: $369.7 million into bitcoin, $151.8 million to repurchase 1,557,177 STRC shares, $50.7 million to cover STRC dividends, and $30 million into USD Cash. Combined designated dollar assets now sit at $6.71 billion. Net leverage: 0.0%.

That is the Digital Credit Capital Framework running in both directions — common equity issued to buy coins, preferreds retired, the dollar stack left intact. After weeks of reserve-building and a limited monetization program, the bid is open again.

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Genius Group targets $827 million after selling everything

Singapore-based Genius Group announced a $1.2 billion five-year capital plan on August 27 that splits into dual treasuries: $800 million in AI assets and $827 million in bitcoin, with a goal of $2 billion in total assets by 2031. The bitcoin sleeve is not a purchase. It is a multi-year accumulation target, funded through perpetual preferred securities issued off an existing $1.2 billion SEC shelf, starting with an initial $12.5 million raise.

The company already ran this experiment once. It adopted a bitcoin treasury in November 2024, peaked near 440 BTC in early 2025, then sold the entire stack by April 1, 2026 to repay $8.5 million of debt. Purchases are slated to restart in Q4 2026.

A look at the leaderboard

Strategy added 4,603 BTC to 845,050 and remains first by a wide margin. Strive added 1,800 BTC to 23,156 and took fifth from Bullish. Empery Digital sold 100 BTC and now holds 1,179. Genius Group is still at zero, with purchases not scheduled until the fourth quarter.

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