Author:Lockridge Okoth,beincrypto
Compiled by:Saoirse,Foresight News
Michael Saylor signals Strategy is 'back.' This two-word post came after the company had gone a full 10 weeks without purchasing any Bitcoin (BTC).
Three subtle shifts occurred on the company's balance sheet. These are the reasons traders are viewing the post as a signal of action, not just a simple slogan.
Strategy's Debt No Longer an Obstacle to Bitcoin Purchases
Strategy holds approximately $6.69 billion in cash, alongside roughly $6.71 billion in convertible note debt. The company states its current net leverage is just 0.1%.
Throughout the summer, there had been an inverse gap between cash and debt, a risk for which traders had priced in the possibility of forced asset sales. That gap closed entirely last week, with the two figures essentially equal, and MSTR stock subsequently rose 12%.
The buying pause was real: Strategy's last Bitcoin purchase was on June 22nd, acquiring 520 BTC at an average price of $67,068 per coin. Since then, the company has sold Bitcoin on four occasions. In August, the company secured $3.28 billion in fresh capital, but this was held entirely as US dollar cash, not used to buy Bitcoin.
The accumulation of cash reserves was intentional, with most funds earmarked for a dividend payment reserve. This reserve was $3.75 billion in July and has now grown to $5.1 billion.
Strategy's Dollar Reserve. Data Source: Strategy
STRC Price Nears Par Value
STRC is the preferred stock issued by Strategy to raise capital, with a 12% dividend yield and a target trading price of $100.
On August 28th, STRC closed at $97.33. The 12-month low for this security is $71.25. When the price falls below $100, it creates a cost drain for the company.
STRC Stock Price Trend. Data Source: TradingView
"Our goal is to maintain STRC's share price in the $99-$100 range over the long term. If STRC trades below $100, we plan to repurchase STRC shares in an orderly fashion under our rules."
CEO Phong Le stated in the Q2 earnings report.
Every dollar spent repurchasing STRC is a dollar not available for purchasing Bitcoin. In August, Strategy sold Bitcoin specifically to fund this price-support operation. As the price approached $97, such capital depletion largely ceased.
The stakes are even higher now. In July 2025, STRC raised $2.47 billion at $90 per share with a 9% yield; the preferred stock now has a circulation of approximately $10 billion with a dividend yield of 12%.
The dividend payout is substantial. In the second quarter alone, Strategy's dividend expense on preferred shares was $400.7 million.
Saylor's Signal, Not an Official Filing
Saylor accompanied his post with a chart showing total holdings of 840,447 Bitcoin, worth $65.72 billion. Just hours earlier, he had posted "Business as usual."
Michael Saylor Hints at Continued Bitcoin Buying. Source: Saylor's X Account
Neither of these social media posts constitutes a regulatory filing. However, the company's Bitcoin purchases are recorded in its weekly reports, with the next one expected to be published on Monday, August 31st.
Strategy may have bought Bitcoin last week, but it's also possible it hasn't. After all, in July he also declared "Bitcoin has won," only for the buying to then be frozen for another five full weeks.
