Michael Saylor, co-founder and visionary behind Strategy (formerly MicroStrategy), has once again signaled to the market that the company is ready to buy bitcoin. His brief statement, made after a ten-week pause in purchases, did not go unnoticed and was interpreted by traders as a direct hint at resuming expansion.
During this forced pause in the company's financial policy, three subtle but critically important changes occurred, which explain why the market reacted to Saylor's post as a call to action rather than an empty slogan.
Debt burden no longer weighs on Strategy
The key point is the balance between cash and convertible liabilities. Strategy holds approximately $6.69 billion in cash, while it owes roughly $6.71 billion in convertible bonds. Net debt, as the firm emphasizes, stands at just 0.1%. This summer, the situation was reversed, and the market braced for potentially forced sell-offs. However, last week that threat disappeared: as soon as the amounts aligned, MSTR shares jumped 12%.
The pause did indeed occur: Strategy last bought bitcoin on June 22, acquiring 520 BTC at $67,068. After that, the company sold off portions of its coins four times. In August, it managed to raise $3.28 billion in new capital, but all those funds were directed toward supporting dollar reserves rather than increasing the crypto portfolio. This reserve was built deliberately: a significant portion is earmarked for payments on preferred shares. In July, the reserve stood at $3.75 billion, and it has now grown to $5.10 billion.
STRC preferred shares: a return to par value
Special attention should be paid to the dynamics of STRC preferred shares, which the company uses to raise capital. They pay dividends of 12%, and the price is targeted at $100. Notably, on August 28, the market closed at $97.33, while the annual low was $71.25. As long as the price stays below $100, the company incurs costs related to buybacks.
Every dollar spent on buying back STRC is a dollar not invested in bitcoin. In August, Strategy sold off some coins precisely to support the value of these shares, but as the price approaches the $97 mark, these costs almost disappear. The cost of these liabilities is rising: in July 2025, STRC raised $2.47 billion at $90 per share with a 9% annual yield. Currently, there are approximately $10 billion worth of these securities outstanding, and their yield has risen to 12%. Payments on them are more than substantial: in the second quarter alone, $400.7 million was transferred to preferred shareholders.
A signal, not a report
In his post, Saylor published a chart reflecting 840,447 coins worth $65.72 billion. A few hours earlier, he wrote: "Working as usual." Neither of these posts constitutes official reporting—the company discloses all transactions in weekly publications. In July, Saylor had already stated that "bitcoin has won," yet purchases remained paused for another five weeks after that.
At the time of analysis, bitcoin is trading around $79,183, up 1.3% on the day. Strategy's average purchase price is $75,388 per coin, so its holdings are only slightly in profit so far.
My analysis: Saylor's signal is not an emotional impulse but a consequence of the company finally closing its short-term debt obligations and being able to afford an aggressive accumulation strategy again. However, it is important to understand: at the current price of around $79k and an average cost of $75k, Strategy's margin of safety is thin. The market will be closely watching the weekly reports to see whether words are backed by action.