Bankless · Friday, September 4, 2026
Michael Saylor's MicroStrategy has once again purchased Bitcoin, acquiring 4,603 BTC for approximately $370 million. This comes after selling a portion of their holdings earlier for a loss, a move the CEO defended as strategic for managing leverage and MNAV.
“And Michael Saylor, he's buying back in at 80K. After he's selling at 62K, their CEO says, both were the right trade. We'll talk about that.”
“Strategy has just purchased bears. Another 4,603 Bitcoin, about $370 million, increasing its cash by about $29 million, doing some other things as well. What's fascinating about this is just a few weeks ago, a few months ago maybe, He sold about 7,000 Bitcoin and he sold at 62K.”
“The MNAV game, which is fundamentally the game that MicroStrategy is playing, and this is what... This is what I believe the CEO, Fong Li, said of, okay, why is he defending the selling at 60 and buying at 80? The answer is, well, because just look at the MNAVs, right? The MNAV was below one when we were selling to get the MNAV back in line. And then when MNAV went above, we started buying again. And that's correct. That's like the way that you should think about what markets are compelling you to do and what markets fundamentally want at each of these moments in time.”