Michael Saylor has once again signaled his company Strategy (formerly MicroStrategy)'s readiness for active moves in the bitcoin market. A message published in just two words became the first signal after ten weeks of forced downtime, during which the company made no BTC purchases.
During this period, three key changes occurred in the company's financial strategy, which explain why traders perceived this post as a call to action rather than an empty slogan.
Debt burden no longer weighs down
Strategy holds approximately $6.69 billion in its accounts, which almost fully covers its convertible bond obligations of $6.71 billion. Net debt burden, as the company emphasizes, is only 0.1%. As recently as summer, the situation was the opposite, and the market was bracing for potential forced sell-offs. However, last week the threat passed: as soon as the amounts aligned, MSTR shares rose by 12%.
The pause was real: the last time Strategy bought bitcoin was on June 22 — 520 BTC at a price of $67,068. After that, the company sold off part of its assets four times. In August, it managed to raise $3.28 billion in new capital, but all those funds were directed into dollar reserves rather than bitcoin. This reserve was built deliberately: a significant portion of the money sits in reserve for dividend payments. In July, it stood at $3.75 billion, and now it is already $5.10 billion.
STRC nearly back to par value
The key piece of the puzzle is the preferred stock STRC, which Strategy issues to raise capital. It pays dividends of 12%, and the security itself is targeted to trade at $100. Notably, on August 28, the market closed at $97.33, while the annual low was $71.25. As long as the price holds below $100, the company incurs costs.
"Our goal is for STRC to trade in the $99–100 range. If the STRC price falls below $100, we plan to buy back shares regularly and systematically," CEO Phong Le stated in the second-quarter report. Every dollar spent on STRC buybacks is a dollar not invested in bitcoin. In August, Strategy sold some coins precisely to support the value of these shares, but closer to the $97 mark, these expenses virtually disappear.
The cost of these obligations has risen. In July 2025, STRC raised $2.47 billion at $90 per share with a 9% annual yield. Now, there are approximately $10 billion worth of these securities in circulation, and their yield has risen to 12%. Payments on them are more than substantial: in the second quarter alone, Strategy transferred $400.7 million to preferred shareholders.
Saylor gives a signal, not filings
In his post, Saylor showed a chart: 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 just an emotional gesture but a logical conclusion to a period of consolidation. The company has fully resolved the convertible debt issue and built a strong dollar reserve. Strategy now has all the conditions to resume aggressive purchases, and the market, judging by its reaction, understands this perfectly. However, it is worth remembering: Saylor always plays the long game, and his "signals" may not align with short-term price dynamics.