Michael Saylor says MicroStrategy is back. The two-word post landed after 10 weeks in which the company, now named Strategy, bought no Bitcoin (BTC) at all.

Three things in its finances have quietly shifted. Together they explain why traders read

Strategy’s Debt No Longer Blocks Bitcoin Buys

Strategy holds roughly $6.69 billion in dollars. It owes about $6.71 billion on convertible notes. The company says that leaves net leverage at 0.1%.

The gap ran the other way all summer, making traders price it in forced selling. It vanished last week, and MSTR stock rallied 12% as the two numbers met.

The freeze was real, considering MicroStrategy last bought BTC on June 22, adding 520 BTC at $67,068. It has sold four times since. August brought $3.28 billion in fresh capital, and all of it went into dollars, not Bitcoin.

The build was deliberate as most of the cash sits in a reserve for dividend payments. That reserve held $3.75 billion in July. It holds $5.10 billion now.

STRC Is Almost Back at Par

STRC is a preferred share that MicroStrategy sells to raise cash. It pays a 12% dividend and is built to trade at $100.

It closed at $97.33 on August 28, up from a 12-month low of $71.25. Below $100, it costs the company money.

“Our objective is for STRC to trade over time at $99 to $100. If STRC trades below $100, we intend to repurchase STRC shares in a regular and disciplined manner,” CEO Phong Le said so in the second-quarter results.

Every dollar spent buying STRC back is a dollar not spent on Bitcoin. Strategy sold coins in August to fund that defense. Near $97, the drain almost stops.

The stakes have grown. STRC raised $2.47 billion in July 2025 at $90 a share, paying 9%. Today roughly $10 billion of it trades, at 12%.

Those dividends are not small. Strategy paid $400.7 million on its preferred shares in the second quarter alone.

Saylor Is Signaling, Not Filing

Saylor paired his post with a chart of 840,447 coins worth $65.72 billion. Hours earlier he wrote “Business as usual.”

Neither post is a filing, but purchases show up in weekly reports and the next one is expected on Monday, August 31.

MicroStrategy may have bought Bitcoin last week, but it is also possible that they did not. After all, he also declared Bitcoin had won in July, and the buying stayed frozen for another five weeks.

With Bitcoin traded near $79,183 as of this writing, up 1.3% in a day, MicroStrategy’s treasury is barely above water, given they paid an average of $75,388 a coin.

Source: BeInCrypto