Michael Saylor Signals Plans for Yet Another Significant Bitcoin Acquisition
On October 4, Michael Saylor fueled speculation that Strategy may have acquired additional Bitcoin, sharing a new accumulation chart that indicates the company’s last confirmed holdings stand at 847,666 BTC.
Summary
- Strategy now holds 847,666 BTC after purchasing 1,665 coins for $142.7 million in the past week.
- Saylor’s post on October 4 suggested further acquisitions without confirming any new Bitcoin purchases.
- The company’s latest SEC filing indicates that $18.84 billion worth of MSTR shares is still available for future issuance.
- According to CryptoQuant, U.S. spot Bitcoin ETF holdings have risen by approximately 88,000 BTC since July.
- Bitcoin is currently trading around $85,250, positioning Strategy’s average acquisition cost of $75,437 per coin below the market value.
According to Strategy’s SEC filing dated September 28, its most recent confirmed acquisition included 1,665 BTC, bought for $142.7 million between September 21 and September 27. The average price paid was $85,681 per coin, bringing total holdings to 847,666 BTC for a total investment of $63.95 billion.
Saylor shared the phrase “More orange than ever” with Strategy’s Bitcoin purchase chart on Sunday. However, the post did not provide details on the amount purchased, transaction date, or price, leaving no definitive confirmation of additional acquisitions.
Strategy’s latest Bitcoin acquisition has increased holdings to 847,666 BTC
As noted earlier, Strategy’s latest purchase of 1,665 BTC followed another acquisition just a week prior, when the company acquired 950 BTC for $75.7 million at an average price of $79,670. Together, these transactions marked a return to consecutive weekly buying after previous pauses.
Strategy’s official ledger lists its most recent balance at 847,666 BTC, with a total acquisition cost of $63.945 billion, averaging $75,437 per BTC, including fees and expenses.
Given Bitcoin’s current market price, this position now has a significantly higher market value. As of October 4, CoinGecko reports Bitcoin trading around $85,250, having increased about 0.5% over the past 24 hours within a daily range of approximately $84,572 to $85,401.
Based on this market price, Strategy’s 847,666 BTC would hold a value close to $72.3 billion. This figure exceeds the company’s reported acquisition cost of $63.95 billion by roughly $8.3 billion, although this valuation is subject to change with Bitcoin’s market price fluctuations.
Saylor’s phrasing appears to echo a prior weekend message. Strategy’s media feed features an earlier post saying “Even more orange,” coinciding with the company’s recent Bitcoin updates. This was followed by the disclosure of the 1,665 BTC purchase on September 28.
A similar trend does not guarantee that the October 4 post will lead to another acquisition announcement. No new SEC filing has been released confirming an additional Bitcoin purchase as of Sunday.
Strategy retains billions available under its stock program
Strategy financed its most recent acquisition through MSTR common stock sales.
The company revealed that it sold 1,469,165 MSTR shares between September 21 and September 27, generating $246.2 million in net proceeds. Of this, $142.7 million was allocated to Bitcoin purchases, while $103.5 million was used for repurchasing STRC preferred stock.
An additional $48.1 million from existing cash went toward STRC repurchases, contributing to a total buyback of $151.7 million that week. By September 27, Strategy had $5.02 billion in U.S. dollar reserves and around $1 billion in separate USD cash.
The filing indicated $18.84 billion remained available for issuance and sale under Strategy’s at-the-market program for MSTR shares as of September 27. The available capacity included $17.51 billion for STRC, $4.01 billion for STRD, $2.1 billion for STRK, and $1.62 billion for STRF.
STRC, STRD, STRK, and STRF are categorized as preferred stocks, not corporate bonds. Strategy’s filing identifies STRF and STRD as 10% perpetual preferred shares, STRK as 8% perpetual preferred stock, and STRC as variable-rate perpetual preferred stock.
As per Strategy’s market dashboard, the mNAV ratio was reported at 1.18x based on data updated on October 2. MSTR was listed at $159.11, while the Bitcoin position was cited as 847,666 BTC, alongside roughly $14.13 billion in preferred stock.
This company-defined mNAV measure is influenced by MSTR, Bitcoin, and Strategy’s capital structure and should not be interpreted as verification of a future Bitcoin purchase.
Bitcoin ETF holdings have increased in tandem with price since July
Saylor’s recent post arrives as U.S. spot Bitcoin ETF holdings have continued to climb in parallel with Bitcoin’s recovery.
According to CryptoQuant analyst Amr Taha, U.S. spot Bitcoin ETF holdings increased from approximately 1.20 million BTC on July 1 to about 1.288 million BTC by October 4.
This change constitutes nearly 88,000 BTC, or 7.3%, as noted by the analyst. During the same period, Bitcoin surged from around $59,500 to approximately $85,000, reflecting an increase of close to 43%.
Taha remarked that ETF-held Bitcoin has continued to increase even as prices rise, although the data doesn’t clarify how much of the price rally is attributed to ETF demand. ETF holdings have been climbing at a slower rate when compared to Bitcoin’s price increase over the three-month duration.
Recent Bitcoin analysis around the $82,000 support level has similarly pointed to ETF inflows and corporate acquisitions as contributing demand factors as October progresses, though it highlights that neither is a guarantee for sustained price increases.
CryptoQuant CEO Ki Young Ju maintains a more optimistic outlook for the current market cycle. In discussions shared by analyst XWIN Japan, Ju stated that he considers the bear market for Bitcoin to have “ended this summer” and characterized the market as being in the initial stages of a new cycle.
The analyst’s report indicated stronger inflows into accumulation addresses, decreased selling from older whales, and a lower MVRV profile than seen in previous cycles. Ju’s forecast of a potential 3–5x price rise from cycle lows remains speculative and does not provide clarity on Bitcoin’s next trading levels.
A new Strategy purchase still awaits confirmation
Strategy has yet to disclose any Bitcoin acquisitions made after September 27.
Its latest regulatory filing shows a considerable amount of MSTR issuance capacity is still available; however, this unused capacity does not indicate whether shares have been sold or if the proceeds have been reinvested into Bitcoin.
Given the company’s recent tendency, the next formal disclosure will likely offer the most definitive information. The September 28 filing indicates that Strategy utilizes its website dashboard as a Regulation FD communication channel for Bitcoin purchases, holdings, securities prices, and other company-related information.
The most recent entry on Strategy’s Bitcoin ledger continues to be the September 28 update pertaining to the 1,665 BTC acquired during the week ending September 27.