After 10-Week Pause, Is Strategy Finally Returning to Bitcoin Buying?

Strategy has sent a major signal, making a strong comeback after 10 weeks without buying Bitcoin. The cash and debt gap has disappeared, and MSTR shares jumped 12% in response. STRC preferred stock is nearing par value, with a dividend yield of 12%, and Saylor hinted that a new round of buying is likely. The next weekly report could be a key catalyst.

Author: Lockridge Okoth, beincrypto

Compiled by: Saoirse, Foresight News

Michael Saylor said Strategy is back in a big way. The two-word post came after Strategy had gone a full 10 weeks without purchasing any Bitcoin (BTC).

Three quiet changes have occurred on the company's financial front. These changes led traders to view the post as a signal for action, not just a slogan.

Strategy's Debt No Longer Hinders Bitcoin Buying

Strategy holds about $6.69 billion in cash, while carrying about $6.71 billion in convertible note debt. The company says its current net leverage ratio is only 0.1%.

Throughout the summer, there had been a shortfall, with debt exceeding cash, and traders had priced in the risk that the company might be forced to sell assets. Last week, that gap completely disappeared, with the two figures essentially equal, and MSTR shares rose 12% as a result.

The buying pause was real: Strategy last purchased Bitcoin on June 22, adding 520 BTC 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 funds, but all of it was converted into cash and not used to buy Bitcoin.

The accumulation of cash reserves was intentional, with most of the funds going into a reserve for dividend payments. That reserve was $3.75 billion in July and has now reached $5.1 billion.

Strategy's US dollar reserves. Source: Strategy

STRC Price Nearly Back to Par Value

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

On August 28, STRC closed at $97.33, with a 12-month low of $71.25. Once the stock price falls below $100, it results in a cost to the company.

STRC stock price trend. Source: TradingView

"Our goal is to keep the STRC stock price in the $99-100 range over the long term. If STRC trades below $100, we plan to buy back STRC shares in an orderly manner according to the rules."

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

Every dollar spent on buying back STRC means one fewer dollar available to buy Bitcoin. In August, Strategy supported this market-stabilizing operation by selling Bitcoin. And when the stock price approached $97, this kind of capital consumption basically stopped.

The risk has been further amplified. In July 2025, STRC completed a $2.47 billion financing at $90 per share, with a dividend yield of 9% at the time; now the preferred stock has an outstanding amount of about $10 billion, with a dividend yield of 12%.

The dividend expense is not to be underestimated. In the second quarter alone, Strategy's dividend expense on preferred stock reached $400.7 million.

Saylor Sends Signal, Not an Official Filing

Saylor accompanied the post with a chart showing holdings totaling 840,447 BTC, worth $65.72 billion. Hours earlier, he had posted "business as usual."

Michael Saylor hints at continued Bitcoin buying. Source: Saylor's X account

Neither of the two social media posts is a regulatory filing. However, the company's Bitcoin purchase records are reflected in weekly reports, and the next weekly report is expected to be released on Monday, August 31.

Strategy may have bought Bitcoin last week, but may not have. After all, in July he also declared that "Bitcoin has won," but then buying was paused for another five weeks.

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