Michael Saylor hinted on X again that he plans to keep buying $BTC .
His exact words were, “There’s always room to buy more orange.” He calls Bitcoin orange, and he’s said this many times. Each time, it’s been interpreted as a buy signal.
The funding picture this time is different from before. Strategy holds 848,000 $BTC , worth more than $70 billion on paper at a price of $83,700. Those coins were bought between September 28 and October 4: 334 coins for $28.7 million, at an average cost of $85,800 each. Over the same period, the company repurchased about 1.77 million shares of its STRC preferred stock, spending $176 million—more than six times the amount spent on Bitcoin.
The change is in STRC. From October 5 to 9, it fell below its $100 par value, trading between $99.43 and $99.66. Under the company’s internal rules, when the preferred stock falls below par, it triggers a repurchase window: the issuance of new shares to buy Bitcoin is paused, and funds are redirected to support its debt. Another preferred stock, STRF, moved in the opposite direction, trading at $103.98, above par, so financing continued as usual. Overall, $12.69 billion in credit capacity remains available.
The Bitcoin-buying machine is still running; it’s just using a different gear.
October 13 is Columbus Day, when federal agencies are closed. The actual purchase amount won’t be clear until the disclosure filing is released.
His exact words were, “There’s always room to buy more orange.” He calls Bitcoin orange, and he’s said this many times. Each time, it’s been interpreted as a buy signal.
The funding picture this time is different from before. Strategy holds 848,000 $BTC , worth more than $70 billion on paper at a price of $83,700. Those coins were bought between September 28 and October 4: 334 coins for $28.7 million, at an average cost of $85,800 each. Over the same period, the company repurchased about 1.77 million shares of its STRC preferred stock, spending $176 million—more than six times the amount spent on Bitcoin.
The change is in STRC. From October 5 to 9, it fell below its $100 par value, trading between $99.43 and $99.66. Under the company’s internal rules, when the preferred stock falls below par, it triggers a repurchase window: the issuance of new shares to buy Bitcoin is paused, and funds are redirected to support its debt. Another preferred stock, STRF, moved in the opposite direction, trading at $103.98, above par, so financing continued as usual. Overall, $12.69 billion in credit capacity remains available.
The Bitcoin-buying machine is still running; it’s just using a different gear.
October 13 is Columbus Day, when federal agencies are closed. The actual purchase amount won’t be clear until the disclosure filing is released.