Michael Saylor hinted that Strategy may purchase Bitcoin again, following the company's disclosure that it holds 848,250 BTC, with an estimated purchase cost of approximately $64 billion based on the latest weekly disclosure.
Michael Saylor hinted at further Bitcoin purchases, but Strategy has not confirmed whether new buys will occur this weekend.
- According to the latest filings, Strategy holds 848,250 BTC, with an acquisition cost of approximately $64 billion, including transaction fees.
The company purchased 250 bitcoins for $21.5 million during the week ending October 11, according to its latest disclosure.
- The strategy spent $192.4 million to repurchase STRC shares, nearly nine times its weekly Bitcoin purchase expenditure.
On October 18, Bitcoin traded close to $81,000, keeping the Strategy's position above its disclosed average purchase cost.
In a post published on X on October 18, the co-founder of Strategy wrote: “We found room for more orange,” accompanied by a chart displaying the company’s Bitcoin purchase history. The message suggests potential further accumulation, but does not disclose transaction amounts, purchase dates, or confirm that any transactions have been executed.
According to Strategy's latest official report released on October 12, the company purchased 250 BTC for $21.5 million during the week ending October 11. During the same period, the company spent more on repurchasing STRC preferred shares—$192.4 million.
According to CoinGecko data, on October 18, Bitcoin traded near $81,000, pushing the market price above the average purchase cost of $75,444 disclosed by Strategy.
Saylor hinted at buying more crypto but did not confirm the transaction.
Saylor's post on Sunday continued his usual practice: sharing charts displaying Strategy's Bitcoin trades, with buy positions marked in orange.
His post did not specify how many coins the company might purchase, nor did it indicate whether any additional transactions have already occurred.
The latest confirmed holding remains at 848,250 BTC, based on the company’s regulatory disclosure dated October 12, which covers activities through October 11.
The purchase under the strategy can be financed through various sources, including the sale of common stock, issuance of preferred stock, and the use of the company’s existing cash.
However, a new chart or a social media post does not prove that a transaction has been completed. Confirmation typically requires the company’s financial disclosures, which detail the number of bitcoins purchased, total expenditure, and the corresponding holding balance. Earlier this month, Saylor also posted similar information before the company announced its transactions for the following week.
On October 4, he posted another chart showing increased holdings with the caption, “More orange than ever,” at which time Strategy’s latest disclosed Bitcoin holding was 847,666 BTC. Crypto.news previously reported on this October preview, and the company later confirmed it had purchased 1,665 BTC in the prior reporting period. The October 18 post appeared after Strategy released another set of data showing smaller Bitcoin purchases for the week but significant preferred stock buybacks.
To determine whether this latest news was released prior to actual trading, a new document covering purchases made after October 11 is required.
Strategy: After buying 250 BTC, hold 848,250 bitcoins
In a filing submitted to the U.S. Securities and Exchange Commission (SEC) on October 12, Strategy reported purchasing 250 BTC between October 5 and October 11.
The company paid approximately $215 million for these bitcoins, resulting in an average cost of $86,194 per bitcoin including fees and expenses. After this purchase, the total holdings reached 848,250 BTC. According to Strategy’s report, its cumulative acquisition cost is approximately $64 billion, with an average purchase price of $75,444 per bitcoin.
This holding represents approximately 4.04% of Bitcoin’s maximum supply of 21 million coins. This comparison is based on Bitcoin’s fixed maximum supply, not the current circulating or exchange-available supply. The latest purchase of $21 million worth of Bitcoin was funded by proceeds from the sale of Class A common stock (MSTR), with an additional $500,000 coming from the company’s existing cash reserves.
The company sold 125,183 shares of MSTR this week, raising approximately $21 million in net proceeds. Filings show that, as of October 11, approximately $18.81 billion worth of MSTR shares remain available for future issuance and sale under the existing at-the-market offering program.
The existence of this issuing capacity does not mean the company has sold these shares or has committed to using the proceeds to purchase Bitcoin. The average cost of $75,444 disclosed by Strategy remains below Bitcoin’s market price on October 18. CoinGecko shows that BTC was approximately $81,059 at that time, with a 24-hour trading range of $80,823 to $82,178.
At this price, 848,250 BTC multiplied by $81,059 results in a holdings market value of approximately $68.76 billion. Compared to its disclosed purchase cost of $64 billion, the difference is approximately $4.76 billion; however, this does not account for other corporate financial obligations, taxes, or valuation adjustments. These estimates are based on the prevailing market price and should not be equated with Strategy’s net profit at the corporate level.
The STRC buyback amount exceeds the latest Bitcoin expenditure.
Although the Strategy continued buying Bitcoin during the week ending October 11, the majority of its spending on Bitcoin purchases and preferred share repurchases flowed to STRC.
The company repurchased 1,932,145 shares of Variable Rate Series A Perpetual Stretch Preferred Stock for approximately $192.4 million. This amount is about 8.95 times the $21.5 million spent on purchasing Bitcoin during the same seven-day reporting period. This comparison covers only these two disclosed transactions and does not represent the company’s total expenditures. STRC is one of several preferred stock instruments issued by Strategy to raise capital and support operations. This security pays a floating dividend, thereby imposing ongoing financial obligations on the company.
Repurchasing preferred shares reduces the number of outstanding securities that will require future dividend payments.
However, the October 12 document does not prove that management chose to repurchase the security because STRC yielded 12.31%, despite what the provided report claims. Strategy’s prior weekly capital allocation reports also disclosed the same $192.4 million repurchase and the purchase of 250 BTC.
Subsequent analysis of its stock buyback examined the distinction between funds used to purchase cryptocurrencies and funds used to manage the company's preferred stock obligations.
According to the company’s official filings, approximately $354.8 million in authorized capacity remains available under its digital credit securities repurchase program. An additional $1 billion in authorized capacity remains available under its separate MSTR common stock repurchase program. These authorizations do not represent completed transactions but indicate the remaining available capacity under the announced plans.
The strategy holds $5.52 billion in assets.
In addition to its cryptocurrency holdings and preferred share buybacks, Strategy also disclosed significant U.S. dollar-denominated assets. As of October 11, its designated U.S. dollar reserves amounted to $4.88 billion, with an additional $640.5 million in other U.S. dollar cash.
The total is approximately $5.52 billion. Company documents describe the U.S. dollar reserves as funds designated to support preferred dividend payments and interest payments on outstanding debt. Separate U.S. dollar cash balances are used for different purposes, including supporting general Bitcoin treasury activities, potential Bitcoin acquisitions, reserve replenishment, and other capital management uses.
Between October 5 and October 11, the Strategy used $500,000 in cash to supplement funds obtained from the sale of common stock for the purchase of Bitcoin. The filing does not indicate that the total $5.52 billion in funds was entirely used for new Bitcoin acquisitions. The company previously reported that it utilized a portion of its available cash to repurchase preferred shares; therefore, its capital position is not solely dependent on the size of its Bitcoin holdings.
In related corporate treasury activities, an October 14 comparative article examined how Strategy and Japanese Bitcoin holder Metaplanet manage cryptocurrency exposure while purchasing their own securities. Strategy’s October 12 filing explicitly stated that, under its market-based issuance program, $17.51 billion worth of STRC shares remain available for issuance and sale.
The filing states that no STRC shares were sold during the most recent week, and sales of common stock nearly funded the entire purchase of 250 BTC. At the end of the reporting period, the company held $640.5 million in general-purpose U.S. dollar cash and $4.88 billion in designated reserves.