MicroStrategy May Resume Bitcoin Buys After Debt Shift

Michael Saylor declared that MicroStrategy is back. The brief statement arrived after a ten-week period when the firm, now operating as Strategy, did not purchase any Bitcoin (BTC).

Three financial developments have quietly changed within the company. These factors explain why market participants interpreted the post as an indication rather than mere rhetoric.

Strategy’s Debt No Longer Blocks Bitcoin Buys

Strategy currently has about $6.69 billion in cash holdings. Its convertible note obligations stand at around $6.71 billion. The company states this results in net leverage of 0.1%.

Our USD Assets now almost entirely offset our debt, reducing net leverage to 0.1%. $MSTR pic.twitter.com/jP6MdQ8wNr

— Strategy (@Strategy) August 27, 2026

Throughout the summer the gap was reversed, leading traders to anticipate forced selling. That discrepancy closed last week, and MSTR shares jumped 12% as the two figures converged.

The halt was genuine, given MicroStrategy’s last BTC acquisition occurred on June 22, when it bought 520 BTC at $67,068. It has executed four sales since then. In August the company raised $3.28 billion in new capital, all directed toward U.S. dollars rather than Bitcoin.

That accumulation was intentional, as most of the cash resides in a reserve for dividend payments. That reserve contained $3.75 billion in July and now holds $5.10 billion.

STRC Is Almost Back at Par

STRC is a preferred share that MicroStrategy issues to raise funds. It carries a 12% dividend and is designed to trade at $100.

On August 28 the share closed at $97.33, recovering from a 12-month low of $71.25. When it trades below $100, the company incurs a loss.

“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.

Each dollar used to buy back STRC is a dollar unavailable for Bitcoin. Strategy sold coins in August to finance that support. At near $97, the cash drain nearly ceases.

The scale has increased. STRC raised $2.47 billion in July 2025 at $90 per share with a 9% dividend. Today roughly $10 billion of it is trading, yielding 12%.

Those dividend costs are substantial. Strategy paid $400.7 million on its preferred shares in the second quarter alone.

Saylor Is Signaling, Not Filing

Saylor accompanied his post with data on 840,447 coins valued at $65.72 billion. Earlier that day he wrote “Business as usual.”

Neither message constitutes a formal filing, but purchases appear in weekly reports, with the next one due Monday, August 31.

MicroStrategy might have bought Bitcoin in the past week, but it is also possible it did not. After all, in July he declared Bitcoin had won, yet buying remained paused for another five weeks.

With Bitcoin trading near $79,183 at the time of writing, up 1.3% for the day, MicroStrategy’s treasury is barely above water, given that its average purchase price is $75,388 per coin.