Strategy may be getting close to buying Bitcoin again after a 10-week pause, with traders focusing on a pair of social posts from Executive Chairman Michael Saylor and several changes in the company’s balance sheet.
Saylor said Strategy was coming back strong in a two-word post. Before that message, the company had gone 10 full weeks without purchasing Bitcoin. Traders took the post as a possible signal of action rather than a slogan.
Last purchase was on June 22
Strategy’s most recent Bitcoin purchase came on June 22, when it added 520 BTC at $67,068 per coin. Since then, the company has sold Bitcoin on four occasions.
In August, Strategy brought in $3.28 billion in new funding. That capital was converted into U.S. dollar cash and was not used to buy Bitcoin.
Cash and debt are now nearly level
The company holds about $6.69 billion in cash and has about $6.71 billion in convertible note debt. Strategy said its net leverage ratio is now 0.1%.
Throughout the summer, traders had been pricing in the risk that the company might be forced to sell assets because of the gap between cash and debt. That gap disappeared last week, with the two figures moving close to parity. MSTR shares rose 12% over the same period.
The buildup in cash reserves was intentional. Most of the money was directed into a reserve for dividend payments. That reserve stood at $3.75 billion in July and has now increased to $5.1 billion.
STRC has moved closer to par value
STRC is Strategy’s preferred stock issued for fundraising. It carries a 12% dividend and is meant to trade at $100.
On Aug. 28, STRC closed at $97.33. Its 12-month low was $71.25. When the stock trades below $100, the company incurs an economic cost.
In the company’s second-quarter earnings report, CEO Phong Le said: “Our goal is to keep STRC trading in the $99-$100 range over the long term. If STRC trades below $100, we plan to repurchase STRC shares in an orderly manner according to the rules.”
Every dollar spent buying back STRC is a dollar that cannot be used to purchase Bitcoin. In August, Strategy used Bitcoin sales to support that operation. With STRC now near $97, that drain on capital has largely eased.
Preferred stock obligations have grown
The risk on that side has also become larger. In July 2025, STRC raised $2.47 billion at $90 per share with a 9% dividend rate. The preferred stock now has about $10 billion outstanding, and the dividend rate has climbed to 12%.
In the second quarter alone, Strategy paid $400.7 million in preferred dividends.
Saylor’s posts are not formal filings
Alongside his latest post, Saylor shared a chart showing holdings of 840,447 BTC valued at $65.72 billion. Hours earlier, he had written, “Same as ever.”
Those social posts are not regulatory filings. Strategy’s Bitcoin purchases are reflected in its weekly reports, and the next report is expected on Aug. 31.
That leaves two possibilities. The company may have bought Bitcoin last week, or it may not have bought any. In July, Saylor also declared that “Bitcoin has won,” yet Strategy’s buying remained frozen for another five weeks.