Saylor sounds the horn, but this time he truly has ammunition in hand

After 10 consecutive weeks of suspended purchases, three major financial constraints have been lifted, and Strategy is likely to resume its Bitcoin buying.

Written by: Lockridge Okoth

Translated by: Saoirse, Foresight News

Michael Saylor stated that Strategy is making a strong comeback. Before posting this two-word update, Strategy had gone a full 10 weeks without buying any Bitcoin (BTC).

There have been three subtle financial changes at the company level. These points have led traders to treat the update as an action signal, rather than just a slogan.

Strategy’s debt no longer hinders Bitcoin purchases

Strategy holds approximately $6.69 billion in cash and carries about $6.71 billion in convertible note debt. The company states that its current net leverage ratio is only 0.1%.

Throughout the summer, a reverse gap persisted between cash and debt, and traders had priced in the risk that the company might be forced to sell assets. Last week, this gap disappeared entirely, and the figures are now nearly equal. As a result, MSTR shares surged by 12%.

The purchase pause is real: The last time Strategy bought Bitcoin was on June 22, acquiring 520 BTC at a unit price of $67,068. Since then, the company has sold Bitcoin four times. In August, Strategy gained $3.28 billion in new funds, but all of it was converted to cash and not used to buy Bitcoin.

The accumulation of cash reserves was intentional, with most funds allocated to dividend payment reserves. In July, these reserves were $3.75 billion and have now reached $5.1 billion.

Strategy USD reserves. Data source: Strategy

STRC price is nearly back to par value

STRC is a preferred stock issued by Strategy for fundraising, with a dividend yield of 12% and a target trading price of $100.

On August 28, STRC closed at $97.33, with a 12-month low of $71.25. Whenever the stock trades below $100, it brings a cost loss for the company.

STRC stock price trend. Data source: TradingView

"Our goal is to keep STRC stock price in the $99–$100 range for the long term. If STRC trades below $100, we plan to repurchase STRC shares in an orderly manner according to the rules."

Chief Executive Officer Phong Le made this statement in the second quarter earnings report.

Every dollar spent on repurchasing STRC means one less dollar available for buying Bitcoin. In August, Strategy supported this buyback operation by selling Bitcoin. When the stock price approached $97, the depletion of funds for this purpose essentially stopped.

The risk has increased further. In July 2025, STRC raised $2.47 billion at $90 per share, with a dividend rate of 9%. Now, the preferred stock has a circulation size of about $10 billion, and the dividend yield has reached 12%.

The scale of dividend expenditures is not negligible. In the second quarter alone, Strategy’s dividend payout on preferred stock reached $400.7 million.

Saylor sends a signal, not an official filing

Saylor attached a chart to his update showing a holding of 840,447 Bitcoin, valued at $65.72 billion. Just a few hours before, he posted "business as usual."

Michael Saylor hints at continued Bitcoin purchases. Source: Saylor’s X account

Both of these social media updates do not constitute regulatory filings. However, the company’s Bitcoin purchase records will be included in the weekly report, with the next report expected to be released on August 31 (Monday).

Strategy may have already bought Bitcoin last week, but it's also possible it did not. After all, in July, Saylor declared "Bitcoin has won" but then froze purchases for five weeks straight.