0.1% is Strategy's stated net leverage after cash holdings of roughly $6.69 billion closed within $20 million of the $6.71 billion in convertible notes. That gap ran the other way all summer; traders priced in forced selling, and when it vanished last week MSTR gained 12%. Michael Saylor marked the shift with a two-word post, "We're Back," ending 10 weeks of silence on $BTC.
Strategy, formerly MicroStrategy, last bought Bitcoin on June 22, adding 520 coins at $67,068 apiece. It sold coins four times in the period since and routed $3.28 billion in fresh August capital entirely into dollars. Neither of Saylor's recent posts is a regulatory filing; purchases appear in weekly company reports.
Where the August capital went
Most of it built the dividend reserve. That reserve held $3.75 billion in July; it holds $5.10 billion now.
The remainder funded STRC repurchases. STRC is a preferred share Strategy sells to raise cash, carrying a 12% annual dividend and built to trade at $100. Every dollar spent buying it back below par is a dollar withheld from Bitcoin. CEO Phong Le said in the company's second-quarter results that if STRC falls below $100, the company intends to repurchase shares "in a regular and disciplined manner." At $97.33 on August 28, up from a 12-month low of $71.25, the instrument is close enough to par that the repurchase drain is nearly zero.
Strategy raised $2.47 billion in STRC in July 2025 at $90 a share, paying 9% at issuance. The market for the instrument has since grown to roughly $10 billion, now trading at 12%. In the second quarter alone, preferred dividend payments totaled $400.7 million.
| Metric | Figure | Label |
|---|---|---|
| Cash held | ~$6.69 bn | Reported |
| Convertible note load | ~$6.71 bn | Reported |
| Net leverage | 0.1% | Company-stated |
| Dividend reserve | $5.10 bn | Up from $3.75 bn in July |
| Q2 preferred dividends | $400.7 mm | Reported |
| Last BTC purchase | 520 BTC at $67,068 | June 22 |
| BTC treasury | 840,447 coins / $65.72 bn | Saylor's chart |
| Avg acquisition cost | $75,388 per coin | Reported |
| $BTC spot at writing | ~$79,183, +1.3% on day | Reported |
Saylor paired his "We're Back" post with a chart showing 840,447 coins valued at $65.72 billion. Hours before it, he had written "Business as usual." With Bitcoin trading near $79,183 at the time of the original report, up 1.3% on the day, Strategy's treasury sits modestly above the $75,388 average acquisition cost per coin. The next weekly purchase disclosure was expected Monday, August 31.