Strategy [NASDAQ: MSTR] disclosed a fresh Bitcoin purchase on Monday, acquiring 535 BTC for approximately $43 million at an average price of $80,340 per coin, according to a Form 8-K filing submitted to the SEC.

The company now holds 818,869 Bitcoin in total, acquired across its full history for roughly $61.86 billion at an average cost of $75,540 per coin, and has recorded a Bitcoin yield of 9.4% year to date in 2026.

The purchase was funded through $42.9 million raised via Strategy’s MSTR at-the-market equity offering and $0.1 million from its STRC preferred stock programme.

The acquisition arrived six days after executive chairman Michael Saylor told investors on the company’s Q1 2026 earnings call that Strategy was, for the first time, prepared to consider selling a portion of its Bitcoin holdings.

That disclosure drew significant market scrutiny, as the company had long been viewed by observers as a one-directional accumulator of the asset, and any suggestion of potential sales represented a departure from the firm’s established public stance.

Saylor moved quickly to manage the narrative, stating in a weekend podcast interview that for every Bitcoin sold, the company would buy 10 to 20 more, and that the goal is always to “end every year with more bitcoin than you started.”

The strategic logic behind any potential sales is rooted in tax accounting rather than a fundamental change of direction: under FASB fair value rules adopted in January 2025, Strategy must mark its entire Bitcoin position to market each quarter, and Q1 2026 produced a $12.54 billion unrealised loss that ran directly through the income statement.

More than 434,000 of the company’s coins were purchased above $80,000, generating a $7.6 billion unrealised loss and a $2.2 billion deferred tax asset, and a selective sale could allow the company to harvest tax losses and carry them back against prior gains, a maneuver Strategy executed on a smaller scale in December 2022.

CEO Phong Le summarised the financial calculus on the earnings call: “I believe in math over ideology. At the point where selling bitcoin versus selling equity to pay a dividend is better for our bitcoin-per-share, and for our common shareholders, we will do it.”

Strategy carries $8.2 billion in convertible debt and owes $1.5 billion annually in dividend obligations tied to its perpetual preferred stock, and those real cash demands mean equity issuance alone may not always be the most cost-effective funding route.

MSTR shares closed up 4.31% on Friday at $187.59, and were trading approximately 1% higher in pre-market trading on Monday.