Michael Saylor has once again signaled the market: Strategy (formerly MicroStrategy) is ready to resume bitcoin purchases. The message, consisting of just two words, is the first in the last ten weeks, during which the company did not make a single BTC transaction.
During this time, three key changes have occurred in the company's financial policy that turn this post from a simple statement into a full-fledged market trigger. This is not an empty slogan, but concrete actions already embedded in the balance sheet.
Debt burden no longer weighs on purchases
Strategy holds approximately $6.69 billion in its accounts, while it owes about $6.71 billion on convertible bonds. The net debt burden, as the company emphasizes, is only 0.1%. As recently as summer, the situation was the opposite: traders were preparing for forced sell-offs. However, last week the threat disappeared—as soon as the amounts equalized, MSTR shares rose by 12%.
The pause was real: Strategy last bought bitcoin on June 22—520 BTC at $67,068. This was followed by four sales. In August, the company raised $3.28 billion in new capital, but all these funds were directed into dollars, not digital gold. Such a reserve was created deliberately: most of the money sits in reserve for dividend payments. In July, there was $3.75 billion there; now it is $5.10 billion.
STRC almost back to par
The key financing instrument is STRC preferred shares with a 12% dividend yield. The security is targeted to trade at $100. Notably, on August 28, the market closed at $97.33, with an annual low of $71.25. As long as the price stays 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," said CEO Phong Le in the second-quarter report.
Every dollar spent on the STRC buyback is a dollar not invested in bitcoin. In August, Strategy already sold some coins to support the share price. However, closer to the $97 mark, these costs almost disappear.
The price of liabilities 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 of such securities in circulation, and the yield has risen to 12%. The payments are significant: for the second quarter alone, Strategy transferred $400.7 million to preferred shareholders.
Saylor gives a signal, not files documents
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," but after that, purchases remained on pause for another five weeks.
At the time of analysis, bitcoin is trading around $79,183—up 1.3% for the day. Strategy's average purchase price is $75,388 per coin, so its reserve is only slightly in profit so far.
My view: resuming purchases after such a long pause is not just a signal, but confirmation that the company has completed its capital restructuring. If STRC stabilizes at par, Strategy will have significant cash flow for new acquisitions, which could become a powerful driver for BTC in the coming weeks.