Michael Saylor has once again signaled that Strategy (formerly MicroStrategy) is ready to buy bitcoin. His terse statement, made after ten weeks of silence, was interpreted by the market as an unambiguous call to action. And there are good reasons for that.
The pause in purchases was real: the last acquisition dates to June 22, when the company bought 520 BTC at $67,068. Since then, Strategy has sold off part of its coins four times, and the $3.28 billion raised in August was never converted into bitcoin, remaining in dollars. However, behind this seemingly cautious approach lie three important changes in financial policy that fundamentally alter the picture.
Debt burden no longer weighs down
The key point is the company's balance sheet. Strategy holds about $6.69 billion in its accounts, which almost fully covers the $6.71 billion in convertible bonds. Net debt, according to management, stands at just 0.1%. This summer, the situation was the opposite, and traders were bracing for forced sell-offs. The threat passed last week when the amounts aligned, instantly triggering a 12% rise in MSTR shares.
The dollar reserve grew deliberately. Most of the funds sit in reserve for dividend payments: in July it was $3.75 billion, and now it is already $5.10 billion. These funds were set aside to back the STRC preferred shares, and now that the obligations on them have shrunk, resources can once again be directed toward buying BTC.
STRC structure: price near par
The STRC preferred shares, with a 12% dividend yield and a $100 par value, are Strategy's main capital-raising tool. The market closed on August 28 at $97.33, close to par, although the annual low was $71.25. CEO Phong Le previously stated plans to buy back shares if the price fell below $100, but now that the paper has nearly returned to par, these costs have virtually disappeared.
It is important to understand: every dollar spent on buying back STRC is a dollar not invested in bitcoin. In August, Strategy sold off some of its coins precisely to support the value of the preferred shares. Now that the price has stabilized, this pressure has eased. The volume of STRC obligations has grown to ~$10 billion with a 12% yield, and second-quarter payments totaled $400.7 million — a serious burden, but it no longer blocks the core strategy.
Saylor: a signal, not a report
In his post, Saylor published a chart showing 840,447 BTC worth $65.72 billion, accompanied by the phrase "Working as usual." These statements are not official reporting — the company discloses all transactions in weekly publications. However, the market well remembers Saylor's July statement that "bitcoin has won," after which purchases did not resume for another five weeks. Now the context is different: the debt burden is minimized, and reserves are free.
At the time of analysis, BTC is trading around $79,183, up 1.3% on the day. Strategy's average purchase price is $75,388, so its position is only slightly in profit so far.
My take: Saylor does not throw words to the wind. The signal was given after all internal obstacles to purchases were removed. If the company truly returns to accumulation, it will become a powerful psychological trigger for a market that is currently in dire need of bullish drivers. Watch the weekly reports — that is where the actual confirmation will appear.