Strategy has added another sizable batch of Bitcoin to its corporate treasury, purchasing 4,603 BTC for about $370 million, according to an 8-K filing with the U.S. Securities and Exchange Commission released this week. The acquisition takes the company’s total holdings to 845,050 BTC.

The news also arrives shortly after Strategy last reported a Bitcoin buy in mid-June, and it follows a weekend signal from Strategy executive chairman Michael Saylor that the firm was preparing to resume accumulation. Investors are also watching how the company’s preferred stock funding mechanism—STRC—behaves as Strategy continues to finance new purchases.

Key takeaways

• Strategy bought 4,603 Bitcoin for an average price of $80,318 per BTC, bringing total holdings to 845,050 BTC.
• The purchase was funded using net proceeds from a $602 million common stock sale, with part of the proceeds added to USD cash reserves and part used for STRC repurchases.
• This is Strategy’s first corporate Bitcoin acquisition in roughly two months, after its prior buy of 1,587 BTC in mid-June.
• STRC trades below its $100 intended par value, which can affect the company’s ability to raise capital through STRC sales and may increase pressure on dividend terms.

A new Bitcoin tranche—and where the money came from

In its SEC filing, Strategy states it acquired 4,603 BTC at an average purchase price of $80,318, amounting to roughly $370 million. The company reports this brings its total Bitcoin holdings to 845,050 BTC, acquired for a cumulative $63.3 billion at an average price of $75,413.

The filing also outlines the capital flow behind the transaction. Strategy funded the purchase through the net proceeds of a 602 million MSTR common stock sale. It allocated $30 million of those net proceeds to increase its USD cash reserve, and it directed $151.8 million to repurchase its preferred STRC stock.

For investors, the mix of funding matters because Strategy’s Bitcoin program is designed to be capital-efficient while preserving flexibility—cash reserves provide liquidity, while repurchasing STRC can support the preferred stock’s market standing.

First buy in about two months, following Saylor’s “We’re Back” signal

The acquisition marks Strategy’s first reported corporate Bitcoin purchase since mid-June. At that time, the company last bought 1,587 BTC for roughly $100 million, according to earlier coverage referenced in the 8-K context.

On Sunday, Saylor posted a short teaser indicating a return to buying. He shared a widely viewed X post with the message “We’re Back,” a pattern that has previously preceded official announcements about Strategy’s treasury actions, as noted in earlier reporting. While weekend hints are not a substitute for filings, they often help investors anticipate the direction of future moves.

In Monday’s pre-market trading, Nasdaq-listed MSTR was reported up by less than 1% after falling more than 7% on Friday, according to the article’s market snapshot.

STRC discount and what it implies for future funding

Strategy’s STRC preferred stock remains central to how the company finances Bitcoin accumulation. In Monday’s pre-market activity, STRC rose about 0.44% to $97.33, which corresponds to a 2.67% discount to its intended $100 par value, based on Yahoo Finance data.

The discount is not just a pricing detail—it can influence how effective STRC becomes as a fundraising tool. As noted in the source reporting, trading below par can limit Strategy’s ability to raise funds through STRC sales. That limitation can create a feedback loop: if preferred shares consistently trade at discounts, Strategy may need to adjust economics—such as the dividend rate—to attract buyers and protect the instrument’s pricing.

The company previously signaled that it is willing to actively manage its capital structure. In a June 29 8-K filing, Strategy laid out a capital framework that contemplates using Bitcoin sales to fund dividends, and it increased the annual dividend rate on STRC to 12%. The same period included disclosure that Strategy sold 32 Bitcoin in early June, described as its first reported Bitcoin sale since a 2022 transaction tied to tax-loss considerations.

Taken together, the STRC discount and the dividend adjustments point to a consistent theme: Strategy wants the ability to keep buying Bitcoin while maintaining a workable funding channel through preferred stock. Whether the current discount narrows or widens in the weeks ahead could therefore influence how aggressively Strategy leans on STRC versus other sources of liquidity.

Why the details matter for traders and long-term holders

Strategy’s disclosed average purchase price—$80,318 per BTC—provides more than just a headline valuation. Because Strategy reports its total cost basis and holding size, each new acquisition affects how investors model the company’s treasury exposure over time, including how much unrealized gain or loss might be implied relative to recent market prices.

Just as important is the financing approach: the company used a common stock issuance rather than relying solely on balance-sheet liquidity. That choice can affect equity market dynamics and dilution expectations, while repurchasing STRC with $151.8 million suggests an effort to manage the preferred component alongside the Bitcoin program.

Meanwhile, the fact that Saylor’s “We’re Back” post preceded this acquisition reinforces how investors often treat Strategy’s leadership communications as early signals of treasury activity. The most reliable confirmation, however, remains the SEC filing and the detailed breakdown of how the Bitcoin was purchased and funded.

As Strategy continues to scale its portfolio—now at 845,050 BTC—readers should watch for two closely linked developments: whether STRC continues to trade at a discount to par, and how that pricing interacts with the company’s dividend and financing plans. Any future capital-structure changes could determine how smoothly Strategy converts access to capital into additional Bitcoin exposure.

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Wallets linked to North Korea’s Lazarus Group have sold more than $30 million in Bitcoin through Hyperliquid over three weeks as U.S. officials and Payward explore regulated access to the platform.

Lazarus-linked wallets convert Bitcoin into ETH and SOL

Arkham blockchain data, wallets associated with the North Korean state-sponsored Lazarus Group sold more than $30 million in Bitcoin on Hyperliquid during the past three weeks.

The wallets used proceeds from the Bitcoin sales to purchase Ethereum and Solana before sending the assets to centralized exchanges, including Kraken, LBank, and KuCoin, according to the blockchain analysis. Crypto investigator ZachXBT first identified the addresses in 2024, while Arkham later labeled them as connected to Lazarus.

Public blockchain records show transfers between addresses but do not reveal who controls the receiving exchange accounts. CoinDesk said it could not identify the account holders or determine whether the exchanges knew about the reported source of the funds.

Kraken said compliance sits at the center of its operations and that it continuously monitors blockchain activity with support from analytics providers. According to the exchange, its controls are designed to identify and block assets connected to sanctioned wallets before they reach the platform.

LBank said it uses industry-standard compliance tools for continuous monitoring. The exchange described illicit transfers across platforms, blockchains and jurisdictions as an industry problem that no single company can independently detect or resolve.

KuCoin said it could not confirm the reported activity without reviewing the underlying wallet data. The exchange also cautioned that public blockchain records do not show every step taken after assets arrive at a centralized platform, including account restrictions, regulatory reports and other risk controls.

Hyperliquid activity raises US sanctions questions

The reported transfers carry a direct U.S. angle because the Treasury Department has sanctioned Lazarus Group and identified it as a cyber organization controlled by North Korea’s government.

U.S. authorities have linked Lazarus to several digital-asset thefts, including the $625 million Ronin Network attack in 2022. As previously reported by crypto.news, former Defense Secretary Mark Esper recently cited North Korean hacking groups while arguing that regulated domestic crypto markets could give U.S. law enforcement better access to customer and transaction records.

Using a decentralized venue can complicate enforcement because Hyperliquid allows users to connect a wallet and trade without opening a traditional brokerage account. The protocol’s public blockchain still records transactions, allowing firms such as Arkham to trace transfers between labeled addresses.

The presence of a sanctioned actor’s assets on a decentralized platform does not establish that Hyperliquid assisted the activity or knew who controlled the wallets. CoinDesk’s report also did not establish that Kraken, LBank or KuCoin credited the transferred assets to unrestricted customer accounts.

For U.S. regulators, any plan to offer Hyperliquid-linked products domestically would need to address sanctions screening, customer identification and account-level controls. Wallet checks can identify previously labeled addresses, but funds may pass through several assets or addresses before arriving at another venue.

A recent Hyperliquid testnet deployment showed how a permissioned version of its infrastructure might operate. In August, a deployer using Kraken’s name whitelisted 10 wallets and tested controls for canceling orders, reducing positions, and moving collateral.

Neither Kraken nor Hyperliquid had confirmed ownership of that deployment when the report appeared. Because Hyperliquid’s testnet permits outside deployments, the Kraken name alone did not prove that the exchange created or operated it.

Payward discusses regulated Hyperliquid access

At the same time, Bloomberg reported that Kraken parent Payward is in advanced discussions with Hyperliquid Labs over offering selected perpetual contracts to American traders through Bitnomial, its CFTC-regulated derivatives business.

People familiar with the talks told Bloomberg that Payward had presented the Commodity Futures Trading Commission with an outline of the proposed structure. Any agreement would still require regulatory approval, while the financial terms remain unknown. Payward and Hyperliquid Labs declined to comment to Bloomberg.

President Donald Trump brought the possible U.S. entry into public view during an Aug. 19 White House event. Referring to CFTC Chair Michael Selig, Trump said he understood that the regulator was working to bring Hyperliquid into the United States in a “fully compliant and legal fashion.”

A Payward arrangement would give eligible U.S. customers access through a registered operator rather than through Hyperliquid’s permissionless interface. Commodity derivatives offered to American retail traders generally must use CFTC-regulated entities, and wallet screening alone does not replace exchange, clearing, and brokerage requirements.

Payward already has the regulatory infrastructure needed to operate in the domestic derivatives market. The company completed its Bitnomial purchase in May after agreeing to pay as much as $550 million in cash and stock.

The acquisition gave Payward control of a designated contract market, derivatives clearing organization and futures commission merchant. Together, the three registrations cover trading, clearing and brokerage services under CFTC oversight.

Kraken then launched regulated perpetuals for eligible U.S. customers in June. The service allows supported users to trade spot, margin, traditional futures and perpetual futures through Kraken Pro while using Bitnomial’s regulated structure.

Hyperliquid leads decentralized perpetual trading

Hyperliquid operates its principal exchange through HyperCore, an on-chain trading system that handles order matching, margin calculations and liquidations. Users trade from connected crypto wallets, while the platform’s main permissionless interface does not require a conventional brokerage account.

Perpetual futures differ from dated futures because they have no fixed expiry. Funding payments between long and short traders help keep contract prices close to the value of their underlying assets, allowing positions to remain open as long as margin requirements are met.

DefiLlama data showed Hyperliquid had processed approximately $5.19 trillion in cumulative perpetual volume at the time of writing. Its perpetual markets recorded about $60.44 billion in seven-day volume and $204.95 billion during the previous 30 days.

Open interest stood at roughly $13.3 billion, representing the notional value of outstanding perpetual positions. DefiLlama also recorded more than $32.6 billion in cumulative liquidations on the platform, including approximately $2.25 billion over the preceding 30 days.

Beyond markets operated by the core protocol, Hyperliquid Improvement Proposal 3 allows outside builders to launch independent perpetual exchanges using HyperCore. Deployers select their contracts, collateral, leverage limits, funding settings, and price sources after staking 500,000 HYPE.

Validators can slash the stake when a deployer manipulates an oracle or violates market rules. HIP-3 operators receive half of the trading fees generated by their markets, while newer permission tools tested on the network could let individual deployers restrict access to approved wallets.