After a 10-Week Buying Pause, Is Strategy Finally Returning to 'Buy, Buy, Buy' Mode?

Author: Lockridge Okoth, beincrypto

Compiled by: Saoirse, Foresight News

Michael Saylor has announced the strong return of Strategy. Before this two-word dynamic release, Strategy had not purchased any Bitcoin (BTC) for a full 10 weeks.

Three subtle changes have occurred on the company's financial front. These points have led traders to view this dynamic as a signal for action rather than just 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 states that its current net leverage ratio is only 0.1%.

Throughout the summer, there was a reverse gap between cash and debt, and traders had priced in the risk of the company being forced to sell assets. Last week, that gap completely disappeared, with the two figures nearly equal, leading to a 12% rise in MSTR's stock price.

The pause in buying is indeed real: Strategy's last Bitcoin purchase was on June 22, when it acquired 520 Bitcoins at a unit price of $67,068. Since then, the company has sold Bitcoin four times. In August, the company secured $3.28 billion in new funding, but this money was entirely converted to cash and not used to purchase Bitcoin.

The accumulation of cash reserves is intentional, with most funds allocated to 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, STRC closed at $97.33, with a 12-month low of $71.25. If the stock price falls below $100, it will incur a cost loss for the company.

STRC stock price trend. Data source: TradingView

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

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

Every dollar spent on repurchasing STRC means one less dollar available for purchasing Bitcoin. In August, Strategy supported this protective operation by selling Bitcoin. When the stock price approached $97, this type of funding consumption basically stopped.

The risks have further amplified. In July 2025, STRC completed a $2.47 billion financing 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 expenditures cannot be underestimated. In just the second quarter, Strategy's dividend expenditure on preferred stock reached $400.7 million.

Saylor Sends Signals, Not Formal Announcements

While releasing the dynamic, Saylor attached a chart showing a total holding of 840,447 Bitcoins, valued at $65.72 billion. Just hours before this, he had posted, "Everything is as usual."

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

These two social media posts do not belong to regulatory filing documents. However, the company's Bitcoin purchase records will be reflected in 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 the possibility that it did not. After all, in July, he also claimed that "Bitcoin has won," but then the buying action was frozen for a full five weeks.