Michael Saylor’s Strategy is back in buying mode, adding to its already massive Bitcoin holdings as the cryptocurrency stages a comeback from a yearlong slump.

Strategy spent nearly $76 million on 950 Bitcoin over the past week, its first purchase in roughly 3 weeks. The company’s latest financial disclosure puts its holdings at 846,000 Bitcoin, around 4% of the cryptocurrency’s total supply.

The purchase came as Bitcoin climbed more than 6% in 24 hours to nearly $86,000. Strategy shares rose nearly 9% to $167, helped by the rally and the company’s $174 million repurchase of STRC, its dividend-paying preferred shares.

Bitcoin’s rebound follows a yearlong bear market. The cryptocurrency fell to $58,000 in June, about 53% below its $125,000 price in October 2025.

That volatility has also hit Strategy, whose stock often tracks Bitcoin because of the size of its holdings. Michael Saylor has promoted a “never sell your Bitcoin” mantra, though Strategy has sold Bitcoin 4 times in the past 4 months.

Strategy created STRC in 2025 to raise money from investors for more Bitcoin purchases while the downturn strained its finances. The preferred shares pay regular dividends, and buying some of them back reduces the company’s future payments to investors.

The company has now made 2 Bitcoin purchases during the cryptocurrency’s rebound over the past month. Chris Beauchamp, chief market analyst at IG Group, told Fortune that the smaller latest purchase may reflect a gradual approach as prices rise rather than concern about the rally.

Buying pressure returned in mid-August after the U.S. Treasury said it would double purchases of older long-term government bonds. Concerns about government debt, yields and inflation renewed interest in Bitcoin as an alternative asset.

Bitcoin initially dropped to about $75,600 after Federal Reserve Chair Kevin Warsh announced a quarter-point rate increase on Sept. 16, wiping out its gains from earlier in the month. The decline was brief, and Bitcoin resumed climbing after the expected decision removed a major source of uncertainty.

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