Saylor Signals Return to Bitcoin Buying After MicroStrategy's 10-Week Freeze
After a 10-week buying freeze, Michael Saylor's cryptic post 'We're back' has sparked speculation that MicroStrategy is resuming its Bitcoin purchases. Several financial shifts have occurred within the company that may explain why traders view this as a signal rather than just a slogan. Firstly, Strategy's debt no longer blocks Bitcoin buys. The company holds $6.69 billion in dollars and owes around $6.71 billion on convertible notes, resulting in net leverage of 0.1%. This difference had run the other way all summer, making traders price in forced selling.
The gap between debt and assets vanished last week, causing MSTR stock to rally by 12% as the two numbers met. MicroStrategy's last Bitcoin purchase was on June 22, when it added 520 BTC at $67,068. Since then, the company has sold four times. In August, Strategy received $3.28 billion in fresh capital, all of which went into dollars, not Bitcoin. This money is primarily held in a reserve for dividend payments.
The reserve now holds $5.10 billion, up from $3.75 billion in July. MicroStrategy sells preferred shares, STRC, to raise cash, paying a 12% dividend and aiming for the stock to trade at $100. If it falls below this price, Strategy intends to repurchase STRC shares 'in a regular and disciplined manner'. Buying back these shares costs Strategy dollars that could be spent on Bitcoin.
Strategy sold coins in August to fund this defense, but near $97, the drain almost stops. The stakes have grown, as STRC raised $2.47 billion in July 2025 at $90 a share, paying 9%. Today, roughly $10 billion of it trades at 12%, with Strategy paying out $400.7 million on its preferred shares alone in the second quarter.