Strategy Buys the Dip: 4,048 BTC Added as Price Slides to $108K

Key Insights:

• MicroStrategy bought 4,048 BTC for $449.3M at $110,981 average.
• Total holdings: 636,505 BTC worth $46.95B.
• Buy followed Bitcoin’s drop below $108K.
• Whale and long-term holder accumulation continues.

MicroStrategy (NASDAQ: MSTR) disclosed on Sept. 2 via an SEC filing that it has purchased 4,048 bitcoin for about $449.3 million, as Bitcoin briefly dipped below $108,000.

The company noted an average purchase price of roughly $110,981 per coin in the week ending Sept. 1.

This latest buy-the-dip move brings MicroStrategy’s total Bitcoin holdings to 636,505 BTC, with an aggregate cost basis around $46.95 billion (average $73,765 per BTC).

Under CEO Michael Saylor, the firm has repeatedly tapped equity and preferred stock issuances to fund its crypto treasuries.

MicroStrategy Buys the Dip

Bitcoin’s price was volatile during the period of MicroStrategy’s purchase. After peaking above $113,000, BTC traded down into the $107K–$108K range by the end of August.

CoinGecko data confirm a pullback to just under $108,000 on Aug. 29. This retracement followed a mid-August rally to new highs (around $124,000) and coincided with typical seasonal factors: late summer trading volumes tend to ebb.

Notably, Glassnode’s data show that all Bitcoin holder cohorts (from whales to small “shrimp” wallets) flipped into a distribution phase in late August, consistent with profit-taking after the recent high.

The aggregate Accumulation Trend Score fell to about 0.26 (well below 0.5), indicating broad selling pressure across the board.

Historically, August often sees quieter volume and price consolidations – the last three Augusts saw double-digit corrections.

Against this backdrop of profit-taking, MicroStrategy’s steady purchases stand out. The company used proceeds from its at-the-market (ATM) equity offerings (including STRF, STRK, STRD preferred share programs and common stock sales) to fund the $449.3M Bitcoin buy.

Such disciplined accumulation suggests MicroStrategy is treating BTC as long-term digital “gold”. Its timing (buying on a dip) follows a familiar pattern: previous weekly filings showed smaller purchases when prices declined.

On-Chain Trends and Institutional Demand

The on-chain signals in recent weeks have been mixed but point to strengthening demand among large investors.Data shows the number of whale wallets (entities holding ≥1,000 BTC) jumped to about 1,417 by late July – one of the highest levels of 2025.

Glassnode’s Accumulation Trend Score similarly shows renewed buying by both whales and even small holders (the so-called “shrimp” cohort) in late July.

In other words, both institutional and retail players were accumulating in tandem before the August pullback. (This broad-based buying has not been seen since November 2024, when BTC first reclaimed $100K).

Meanwhile, recent analyses highlight a distribution-vs-accumulation bifurcation: many short-term traders were cashing out during the correction, while long-term holders and institutions added coins.

For example, crypto quant data show that whales added roughly 16,000 BTC in Q2–Q3 2025, and the “whale ratio” (BTC held by large addresses) spiked in August.

Glassnode’s charts also indicate growing inflows into cold storage for the longest-held coins (UTXO age increases).

In sum, on-chain metrics and whale activity suggest that big investors see current prices as a buying opportunity, even as others lock in gains.

Regulatory and Macro Backdrop

MicroStrategy’s move comes amid an evolving regulatory landscape. At the federal level, U.S. agencies have signaled more crypto-focused initiatives.

In late August, the SEC announced “Project Crypto,” an effort (led by new Enforcement Director Margaret Ryan) to explore on-chain markets and tokenized securities.

Congress is also discussing market-structure bills for digital assets. States are taking action too: for example, Wyoming launched its first public blockchain stable token in August, and Senator Cynthia Lummis (R-WY) is pushing crypto market legislation.