Strategy sold 6,948 Bitcoin between May and August for an average $62,150, then bought back 5,553 at an average $80,207. The company therefore spent $445.4 million to replace coins previously sold for $345.1 million, making the repurchase 29% more expensive and creating a $100.2 million opportunity cost. Strategy first bought back 4,603 Bitcoin during the week ending August 30 for $369.7 million, using newly issued stock that diluted common shareholders, and later acquired 950 coins for $79,670 each with cash. The replacement remains incomplete: Strategy holds 846,000 Bitcoin today, compared with 847,363 on June 21, leaving 1,363 coins to replace at a projected cost of about $100 million at current prices. Michael Saylor and CEO Phong Le have defended the sales as a messaging exercise and said selling Bitcoin can be appropriate within a two-way strategy, while SEC filings said proceeds funded dividends despite the company having sufficient cash for those payments.