Michael Saylor has become active again ahead of the new trading week in financial markets. On October 11, 2026, the CEO of Strategy Inc. posted a new reserve chart featuring 117 buy points, accompanied by his signature phrase: “There’s always more orange space.”
The company currently holds 848,000 BTC outright, valued at up to $70.48 billion, accounting for 4.04% of all existing bitcoins. However, the report suggests that the most significant development is occurring behind the scenes: this post was published at a time when the reserve system is adjusting its financing strategy in preparation for its next purchase.
The reason is that during the week of October 5 to 9, Saylor’s primary financing instrument, STRC preferred shares, fell below their $100 par value and remained trading in the range of $99.43 to $99.66.
Reports indicate that at this time, the company's strict internal algorithm took effect, automatically triggering a "buyback range" when the security trades below its face value.
Under these circumstances, the company is prohibited from purchasing cryptocurrencies by issuing new shares. Instead, the company must use funds to repurchase its own securities trading at a discount to support their price. As a result, net new purchases through this channel for the week amounted to exactly 0.00 BTC.
Where does Saylor get the funds to purchase Bitcoin?
The report notes that Saylor’s statement that “there’s always more Bitcoin space” is not without reason. The message is clear: a technical pause in one financing tool does not halt the entire buying machine. The reserve system has learned to circumvent its own limitations through other credit lines, bringing the overall financing system size to $12.69 billion.
While STRC is in a defensive position, another security, STRF, trades steadily above par at $103.98 and serves as a source of liquidity. The latest定向 purchase—buying 334 BTC at $85,838 each—clearly demonstrates that the company still has funds available, even without STRC.
Currently, the company’s overall portfolio has an average purchase cost of $75,436 per Bitcoin. At the current price above $83,000, Saylor is holding a substantial unrealized gain. The market values the company’s net asset value at a slight discount, with an mNAV Basic ratio of 0.92x, but mandatory share repurchases offset this situation.
The report concludes that Saylor's latest post signals that alternative financing channels remain operational, funds have been accumulated, and the company is theoretically well-prepared for its next purchase.