Continuous suspension of purchases for 10 weeks, the three major financial shackles have been lifted, and Strategy is expected to restart Bitcoin purchases.

Written by: Lockridge Okoth

Translated by: Saoirse, Foresight News

Michael Saylor stated that Strategy is making a strong comeback. Before this dynamic release with only two words, Strategy had not purchased any Bitcoin (BTC) for a full 10 weeks.

There have been three quiet changes at the financial level of the company. These points are why traders view this dynamic as a signal to act, rather than a simple slogan.

Strategy's debt no longer hinders Bitcoin purchases

Strategy holds approximately $6.69 billion in cash while carrying about $6.71 billion in convertible note debt. The company claims that the current net leverage ratio is only 0.1%.

Throughout the summer, there was an inverse gap between cash and debt, and traders had priced in the risk of the company potentially being forced to sell assets. Last week, that gap completely disappeared, with both figures basically leveling off, and MSTR's stock price rose by 12%.

The suspension of purchases is indeed true: the last time Strategy purchased Bitcoin was on June 22, buying 520 Bitcoins at a unit price of $67,068. Since then, the company has sold Bitcoin four times. In August, the company obtained $3.28 billion in new funding, but all of this was converted into cash and not used to purchase Bitcoin.

The accumulation of cash reserves is intentional, with most funds allocated for dividend payment reserves. This reserve was $3.75 billion in July and has now reached $5.1 billion.

Strategy's dollar reserves. Data source: Strategy

STRC price nearly back to par

STRC is the preferred stock issued by Strategy to raise funds, with a dividend yield of 12% and a target trading price of $100.

On August 28, the closing price of STRC was $97.33, with a 12-month low of $71.25. If the stock price falls below $100, it will incur cost losses for the company.

STRC stock price trend. Data source: TradingView

"Our goal is to keep the STRC stock price in the $99-$100 range long-term. If the STRC trading price falls below $100, we plan to orderly repurchase STRC shares according to the rules."

CEO Phong Le made this statement in the second-quarter earnings report.

Every dollar spent to repurchase STRC means one less dollar available for Bitcoin purchases. In August, Strategy supported this protective operation by selling Bitcoin. When the stock price approached $97, this type of cash outflow basically stopped.

Risks have further escalated. In July 2025, STRC raised $2.47 billion at $90 per share, with a dividend yield of 9%; now this preferred stock has a circulation scale of about $10 billion, with a dividend yield of 12%.

The scale of dividend expenses cannot be underestimated. In the second quarter alone, Strategy's dividend expenses on preferred stock reached $400.7 million.

Saylor sends signals, not formal document announcements

Along with his dynamic release, Saylor attached a chart showing a total holding of 840,447 Bitcoins, valued at $65.72 billion. Just hours earlier, he had also posted "Everything remains the same."

Michael Saylor hints at continuing to buy Bitcoin. Source: Saylor's X platform account

The above two social media posts do not constitute regulatory filing documents. However, the company's Bitcoin purchase records will be reflected in the weekly reports, with the next weekly report expected to be released on August 31 (Monday).

Strategy may have already purchased Bitcoin last week, but there is also a possibility that it did not. After all, in July, he also claimed that "Bitcoin has achieved victory," but then the buying action was frozen for a full five weeks.