Saylor's 'We're Back' Tweet Sparks Speculation on MicroStrategy's Next Bitcoin Move

Michael Saylor's cryptic tweet 'We're Back' sent shockwaves through the market, fueling speculation that MicroStrategy was resuming its Bitcoin purchasing spree. The company had gone quiet on new buys for 10 weeks, but its balance sheet is now better positioned to support another purchase.

The company's USD Reserve, intended to fund preferred-share dividends and debt payments, grew from $3.75Bn in July to $5.10Bn by late August. However, the funds from this period were primarily used for STRC repurchases under its Digital Credit Securities Repurchase Program, rather than buying more Bitcoin.

Strategy's average cost basis was $75,385 per coin across its 840,447 BTC as of August 9. The company sold 1,690 BTC between August 3 and 9 for roughly $108.6M at an average price of $64,262, funding STRC repurchases.