Michael Saylor has once again signaled the market: his company Strategy (formerly MicroStrategy) is ready to return to buying bitcoin. The message was concise—just two words—but for traders, it served as a trigger, especially given that the last BTC acquisition deal took place as far back as June 22.
The prolonged pause in accumulating the leading cryptocurrency was not due to a change in strategy, but rather the need to settle financial obligations. In recent weeks, the company made three key changes to its capital structure, which removed the main risks for shareholders and opened the door to new investments in bitcoin.
Debt burden no longer weighs on Strategy
The company's balance sheet holds approximately $6.69 billion in cash, while about $6.71 billion must be paid out on convertible bonds. Net debt, as the corporation itself emphasizes, stands at just 0.1%. As recently as summer, the situation was the mirror image, and the market feared forced BTC sell-offs. However, last week the threat passed: as soon as the amounts balanced out, MSTR shares jumped 12%.
The pause was indeed forced. During this time, Strategy sold off part of its coins four times, and the $3.28 billion in new capital raised in August was directed toward maintaining dollar liquidity rather than buying bitcoin. A significant portion of these funds was set aside in a reserve for dividend payments: its volume grew from $3.75 billion in July to $5.10 billion now.
STRC near par: pressure eases
The key factor holding back purchases was the STRC preferred shares with a 12% dividend yield. These securities trade at $100, and on August 28 the market closed at $97.33, close to the annual low of $71.25. Every dollar spent on buying back STRC is a dollar not invested in bitcoin. However, as the price approaches par, these costs virtually disappear.
The volume of STRC obligations has grown: in July 2025, the company 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 the yield has risen to 12%. Payments on them are substantial—only for the second quarter, $400.7 million was paid out to preferred shareholders.
Saylor's signal: business as usual
In his recent post, Saylor published a chart confirming current assets: 840,447 BTC worth $65.72 billion. A few hours earlier, he wrote: "Business as usual." Although these posts are not official reporting, the market perceives them as a direct indication of an imminent resumption of purchases.
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 take: Saylor's signal is not just a PR move, but a logical conclusion to the financial restructuring. The company has freed itself from debt pressure and can now return to its aggressive accumulation strategy. However, in the short term, the market may expect volatility, as Strategy's large purchases have historically created support for the price but do not guarantee immediate growth.