Key Highlights
- Strategy’s MSTR stock declined approximately 4.2% to reach $138.74, even though the firm resumed accumulating Bitcoin following a 10-week hiatus.
- The company acquired 4,603 BTC for approximately $369.7 million, paying an average of $80,318 per Bitcoin.
- Strategy’s complete Bitcoin portfolio now totals 845,050 BTC, purchased at an average cost of $75,412 per coin.
- Executive Chairman Michael Saylor declared that Americans don’t require licensing to promote Bitcoin, characterizing BTC as a commodity.
- A critical procedural vote on the CLARITY Act requiring 60 Senate votes is scheduled for September 15.
Shares of Strategy (MSTR) experienced a decline of roughly 4.2% to $138.74 on September 4, despite the company’s decision to restart its Bitcoin acquisition program following approximately 10 weeks without purchases.
Throughout the trading session, MSTR fluctuated between a low of $135.41 and a peak of $144.39, with trading volume reaching approximately 26.3 million shares. The stock has experienced a 56% decline over the trailing 12-month period.
During the week spanning August 24 through August 30, Strategy accumulated 4,603 BTC for roughly $369.7 million, reflecting an average purchase price of $80,318 per Bitcoin. The transaction details were revealed in the company’s SEC filing dated August 31.
This acquisition increased Strategy’s Bitcoin treasury from 840,447 BTC to 845,050 BTC. The corporation has invested a cumulative $63.73 billion to build this position, representing an average entry price of $75,412 per coin.
Strategy funded this recent acquisition by selling MSTR common shares, raising approximately $602.8 million in net proceeds throughout the period. The firm simultaneously deployed $151.8 million to repurchase STRC preferred shares and increased its unrestricted cash reserves by $30 million.
Saylor’s Public Defense of Bitcoin Advocacy
CEO Phong Le explained that the company assesses Bitcoin acquisitions through the lens of capital cost rather than focusing exclusively on spot price, emphasizing that favorable financing terms can justify purchases at $80,000 even following previous dispositions near $60,000.
Meanwhile, Executive Chairman Michael Saylor used social media platforms to champion the right to promote Bitcoin publicly. “In America, you don’t need a license to discuss Bitcoin, advocate for it, or publicly recommend owning it,” Saylor posted on September 4.
Saylor further characterized Bitcoin as a commodity instead of a security, mirroring the longstanding position maintained by the Commodity Futures Trading Commission. He emphasized that existing laws already prohibit fraudulent and manipulative practices.
The remarks appeared general in nature and didn’t reference any particular regulatory investigation or legal matter. The CLARITY Act was notably absent from Saylor’s statement.
Senate Prepares for CLARITY Act Procedural Vote
On Capitol Hill, the CLARITY Act is approaching a procedural motion scheduled for September 15 at 2:15 p.m. ET. Advancing the legislation to the debate and amendment phase requires a minimum of 60 affirmative votes.
With Republicans controlling 53 Senate seats, passage depends on attracting Democratic votes to reach the threshold. Potential divisions among Republican members could necessitate even broader bipartisan support.
The proposed legislation would partition regulatory jurisdiction over digital assets between the SEC and CFTC. Digital commodities such as Bitcoin would typically fall under CFTC spot-market supervision, while assets meeting investment contract criteria would remain under SEC oversight.
On September 3, the National Sheriffs’ Association modified its stance from opposing the legislation to adopting a neutral position, eliminating one obstacle before the upcoming vote. NSA President Sheriff Troy Wellman and Executive Director Justin Smith communicated this policy shift via letter to Senate leadership.
Senator Cynthia Lummis expressed appreciation for the organization’s repositioning and urged Senate colleagues to support the bill’s advancement. Active negotiations continue regarding provisions addressing ethics standards, stablecoin reward structures, and liability protections for developers without custody of user funds.
Should the Senate approve the September 15 procedural motion, the legislation would still require a final passage vote, and any amendments to the House-approved version would necessitate additional House consideration before presidential signature.
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