Author: Lockridge Okoth
Compiled by: Saoirse, Foresight News
Michael Saylor says Strategy is back. This two-word post came after a full 10 weeks of Strategy making zero Bitcoin (BTC) purchases.
Three quiet shifts have occurred at the company's financial level. It is these points that have led traders to view the post as a signal for action, rather than just a simple slogan.
Strategy's Debt No Longer Hinders Bitcoin Purchases
Strategy holds approximately $6.69 billion in cash while carrying around $6.71 billion in convertible note debt. The company states its current net leverage is just 0.1%.
Throughout the summer, there was an inverse gap between cash and debt, and traders had priced in the risk of the company being forced to sell assets. Last week, that gap closed completely, with the two figures essentially equalizing, and the MSTR stock price subsequently rose 12%.
The buying pause was real: Strategy's last Bitcoin purchase was on June 22, adding 520 BTC at a unit price of $67,068. Since then, the company has sold Bitcoin four times. In August, the company obtained $3.28 billion in new funds, but all of this capital was converted into USD cash and not used to buy Bitcoin.
The accumulation of cash reserves was deliberate, with the majority of funds allocated to a dividend payment reserve. This reserve was $3.75 billion in July and has now reached $5.1 billion.
Strategy's USD reserves. Source: Strategy
STRC Price Nearly Back to Par Value
STRC is a preferred stock issued by Strategy to raise funds, with a 12% dividend yield and a target trading price of $100.
On August 28, STRC closed at $97.33; its 12-month low is $71.25. When the share price falls below $100, it creates a cost drain for the company.
STRC share price trend. Source: TradingView
"Our goal is for the STRC share price to remain in the $99‐$100 range long-term. If STRC trades below $100, we plan to orderly repurchase STRC shares according to the rules."
CEO Phong Le stated this in the Q2 earnings report.
Every dollar spent repurchasing STRC means one less dollar available to buy Bitcoin. In August, Strategy sold Bitcoin to support this price-support operation. When the share price neared $97, this type of capital drain largely ceased.
The stakes have further increased. In July 2025, STRC completed a $2.47 billion financing at $90 per share with a 9% dividend yield at that time; today, the preferred stock has a circulating scale of about $10 billion with a dividend yield of 12%.
The dividend expense is significant. In Q2 alone, Strategy's dividend expense on preferred shares reached $400.7 million.
Saylor Sends a Signal, Not a Formal Filing
Saylor's post included a chart showing holdings totaling 840,447 Bitcoin, valued at $65.72 billion. Just hours before that, he had posted "business as usual."
Michael Saylor hints at continued Bitcoin purchases. Source: Saylor's X platform account
Neither of these social media posts constitutes a regulatory filing. However, the company's Bitcoin purchase records are reflected in weekly reports, with the next weekly report expected to be released on August 31 (Monday).
Strategy may have bought Bitcoin last week, but there is also a possibility it did not. After all, in July he also declared "Bitcoin has won," but then purchases froze for another five full weeks.
