Strategy Signals Return to Bitcoin Buying After Two-Month Pause as Saylor Says ‘We’re Back’

Strategy, the world’s largest corporate holder of Bitcoin, has signaled it may resume purchases of the cryptocurrency after a pause of about two months.

CoinDesk reported on Aug. 30 that Strategy Chairman Michael Saylor posted a chart of the company’s Bitcoin holdings on X with the message, “We’re Back.” Markets interpreted the post as a sign that Strategy has added to its Bitcoin holdings for the first time since June 22, though the size of any purchase has not been disclosed.

Saylor’s post came with Bitcoin trading near $79,000. The token was up about 1% over the past 24 hours and had rebounded more than 2.5% from the low reached after Federal Reserve Chair Kevin Warsh’s hawkish Jackson Hole speech on Aug. 28.

Strategy has been strengthening its balance sheet since May by selling part of its Bitcoin holdings. More recently, however, the company halted Bitcoin sales and instead raised about $2 billion by selling its common stock, MSTR. It used the proceeds to build up dollar reserves while also starting buybacks of its perpetual preferred stock, STRC.

Strategy’s improved financial flexibility has added to expectations that it could restart Bitcoin purchases. The company currently has enough cash to cover roughly four years of preferred dividend payments. That suggests future fundraising could be directed toward Bitcoin purchases and STRC buybacks rather than adding to dollar reserves.

STRC rose as high as $98 intraday on Aug. 28. Strategy is expected to continue repurchasing the shares in an effort to restore the price to its $100 par value.