Michael Saylor has once again signaled Strategy's (formerly MicroStrategy) readiness to purchase bitcoins. After ten weeks of forced quiet, during which no BTC purchases were made, this move looks not just like a statement, but a calculated market maneuver.
Financial pause: not a pause, but a regrouping
During this break, three key changes occurred in the company's financial strategy that radically shifted the situation. It is these that turned Saylor's two-word post into a concrete signal for traders, rather than an empty slogan.
The main thing is that Strategy's debt burden is no longer an obstacle to purchases. The company's accounts have accumulated about $6.69 billion, which almost fully covers its convertible bond obligations of $6.71 billion. Net debt, as the company emphasizes, is only 0.1%. As recently as summer, the situation was the opposite, and the market feared forced sell-offs. The threat passed last week: as soon as the amounts matched, MSTR shares jumped 12%.
Dividend reserve and the price of the matter
The pause was indeed deliberate. The last BTC purchase dates to June 22 — when 520 coins were acquired at $67,068. After that, the company sold part of its assets four times. In August, Strategy raised $3.28 billion in new capital, but these funds were directed toward replenishing the dollar reserve, not buying bitcoin. Most of this money sits in a reserve for dividend payments on preferred shares. In July, this reserve was $3.75 billion, and now it is already $5.10 billion.
STRC preferred shares: balancing near par
STRC shares are the company's key tool for raising capital, paying dividends of 12%. The security is targeted to trade at $100. Notably, on August 28, the market closed at $97.33, while the annual low is $71.25. As long as the price stays below $100, the company incurs costs.
Every dollar spent on buying back STRC is a dollar not invested in bitcoin. In August, Strategy sold some coins to support the share price. However, closer to the $97 mark, these costs virtually disappear. The volume of obligations on these securities has grown: in July 2025, STRC raised $2.47 billion at $90 per share with a 9% annual yield. Now there are about $10 billion of such securities in circulation, and their yield has risen to 12%. Payments to preferred shareholders for the second quarter totaled $400.7 million.
A signal, not reporting
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 is official reporting; the company discloses all transactions in weekly publications. In July, Saylor already stated that "bitcoin has won," yet purchases remained on pause 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: Strategy's return to the market is not just news, but a marker of a phase shift. The company has closed all problem areas in its capital and can now act from a position of strength. For the market, this means that a major institutional player is again ready to support the price, which could become a trigger for bullish momentum in the medium term.