Michael Saylor has once again set the market in motion. After ten weeks of silence, during which Strategy (formerly MicroStrategy) did not purchase bitcoin, the company's founder sent a clear signal of readiness to resume accumulation. His terse statement on social media — "Working as usual" — combined with an updated reserves chart was interpreted by traders as an unequivocal trigger for action.
The ten-week pause was not accidental but a forced measure. During this time, three key changes occurred in the company's financial policy that fundamentally altered the balance of power and removed the main obstacle to new purchases.
Debt burden no longer weighs down
The main risk for Strategy shareholders lay in its convertible bonds. Previously, the ratio of debt to market value of shares was critical, creating a threat of forced bitcoin sales to maintain balance. However, the situation has now changed: the company holds about $6.69 billion in cash, which almost fully covers its $6.71 billion in convertible bond obligations. Net debt, as the company emphasizes, stands at just 0.1%. As recently as summer, the ratio was reversed, and the market braced for the worst. Last week, when the amounts converged, MSTR shares rose 12% — investors breathed a sigh of relief.
Strategy's last purchase dates to June 22 — 520 BTC at $67,068. After that, the company sold part of its coins four times. In August, it raised $3.28 billion in new capital, but those funds were directed toward strengthening its dollar reserve rather than buying bitcoin. That reserve now stands at $5.10 billion — a significant portion is earmarked for dividend payments on preferred shares.
STRC preferred shares: burden or support?
A key element of the new strategy is the STRC preferred shares with a 12% dividend yield. The nominal value of the security is $100. Notably, on August 28 the market closed at $97.33, well above the annual low of $71.25. As long as the price stays below par, the company incurs costs, but CEO Phong Le has stated an intention to systematically buy back shares to support the price in the $99–100 range. Every dollar spent on buybacks is a dollar not invested in bitcoin. In August, Strategy already sold some coins specifically to support STRC, but as the price approaches $97, these expenses are nearly disappearing.
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 approximately $10 billion of such shares outstanding, and the yield has risen to 12%. Payments on them are substantial: in the second quarter alone, $400.7 million was paid out to preferred shareholders.
Signal or empty words?
Saylor published a chart reflecting 840,447 BTC worth $65.72 billion. However, none of his posts constitute official reporting — the company discloses all transactions in weekly publications. In July, Saylor already stated that "bitcoin has won," but purchases remained paused for another five weeks afterward. Now, given the stabilization of the debt burden and reduced costs for supporting STRC, the signal looks far more convincing.
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.
My view: The resumption of purchases by Strategy is not just a corporate event but a powerful psychological anchor for the market. When the largest public BTC holder returns to accumulation after a forced pause, it signals that the company has weathered the peak of debt pressure. However, investors should remember: Saylor's strategy is a marathon, not a sprint, and the current bitcoin price still leaves his position in a zone of minimal profitability.