Saylor sounds the horn, but this time he actually has ammo in hand

Michael Saylor posted a tweet suggesting that Strategy will resume buying Bitcoin, after the company had paused its Bitcoin purchases for 10 weeks.

Author, Source: Foresight News

Strategy's Debt No Longer a Barrier to Bitcoin Purchases

Strategy holds approximately $6.69 billion in cash, while carrying around $6.71 billion in convertible note debt. The company stated that its current net leverage ratio is only 0.1%.

Throughout the summer, there has been an inverse gap between cash and debt, and traders had previously priced in the risk that the company could be forced to sell assets. Last week, this gap completely disappeared, with both figures almost equal, leading MSTR's stock price to rise by 12%.

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

The accumulation of cash reserves was intentional, with most of the funds allocated to the dividend payment reserve. This reserve reached $3.75 billion in July and has now grown to $5.1 billion.

Strategy's US dollar reserves. Data source: Strategy

STRC Price Nearly Back to Par Value

STRC is a preferred stock issued by Strategy to raise funds, with a dividend yield of 12% and a targeted trading price of $100.

On August 28, STRC closed at $97.33, with a 12-month low of $71.25. Any price below $100 results in a cost loss for the company.

STRC stock price trend. Data source: TradingView

"Our goal is to keep the STRC share price in the $99–100 range in the long term. If the STRC trading price falls below $100, we plan to carry out orderly buybacks in accordance with the rules."

This was stated by CEO Phong Le in the Q2 earnings report.

Every dollar spent on repurchasing STRC means one less dollar available to buy Bitcoin. In August, Strategy supported this defense operation by selling Bitcoin. When the share price neared $97, this type of cash outflow basically ceased.

Risk has further increased. In July 2025, STRC completed a $2.47 billion funding round at $90 per share, with a 9% dividend yield at the time; the current preferred stock in circulation is about $10 billion, with a 12% dividend yield.

The scale of dividend expenditures should not be underestimated. In Q2 alone, Strategy paid $400.7 million in dividends on preferred stock.

Saylor Sends a Signal, but Not an Official Filing Notice

Saylor shared a chart alongside his post, showing total holdings of 840,447 Bitcoin valued at $65.72 billion. Just a few hours before, he had also posted that "Everything is business as usual."

Michael Saylor hints at continuing Bitcoin purchases. Source: Saylor's X account

Neither of these social media posts constitute a regulatory filing. However, the company's Bitcoin purchase records will be reflected in the weekly reports, with the next one expected to be released on August 31 (Monday).

It's possible that Strategy bought Bitcoin last week, but it's also possible that no purchase took place. After all, in July, Saylor claimed "Bitcoin has already won," but then no further buying activity happened for a full five weeks.