Strategy: Michael Saylor Hints at Fresh Bitcoin Purchases After STRC Preferred Stock Buybacks

A Cryptic Message from Michael Saylor

Investors will have to wait one more day to learn whether Strategy added to its bitcoin holdings during the first week of October, and by how much. According to Cointelegraph, Michael Saylor, described as Strategy's chairman, posted "There's always room for more orange" on X on Sunday, a message observers have been watching as a possible hint of recent purchases.

An official notice through a filing with the U.S. Securities and Exchange Commission (SEC) is not expected before Tuesday, according to Cointelegraph. Federal agencies are closed on Monday for Columbus Day.

The Latest Reported Purchases

According to an 8-K form dated October 5, cited by Cointelegraph, Strategy acquired 334 bitcoins for $28.7 million between September 28 and October 4. Its holdings thus stood at exactly 848,000 BTC.

Over the same period, the company repurchased approximately 1.77 million shares of its STRC preferred stock category for $176.3 million, according to Cointelegraph. The site reports that Strategy ended September spending more than six times its weekly bitcoin purchase budget on these buybacks.

One Possible Reading: Building Cash

Cointelegraph notes that these moves can be interpreted as a sign that management may be accumulating liquidity now in order to spend it on bitcoin later. This is a reading put forward by the outlet, not a position announced by Strategy.

Analyst Shanaka Anslem Perera's View

Independent analyst Shanaka Anslem Perera noted on Saturday that Strategy had raised $5.41 billion through new common stock sales in the third quarter, and ended the period with 1,666 more BTC than at the end of June.

He wrote that the question for investors is what the financing left behind. In his view, bitcoin per share is only part of the answer: cash matters too, while debt and preferred stock rank ahead of common shares.

He then told Cointelegraph on Sunday that, during the third quarter, Strategy raised billions through share sales, but that a large part went into cash reserves and to preferred stockholders. In his view, raising capital does not necessarily mean buying bitcoin.

He added, however, that this does not mean the company has stopped buying BTC: the cash it holds can fund later purchases, and a stronger balance sheet can benefit shareholders.

Analysis: Signals to Be Confirmed

This analysis relies solely on the reported facts. Michael Saylor's message specifies no amount and is not an official announcement: only the SEC filing, expected Tuesday at the earliest according to Cointelegraph, will reveal any purchases made during the week. The figures already published show the company trading off between STRC buybacks and bitcoin purchases during the week of September 28 to October 4.

Market

According to CoinGecko, bitcoin was trading at €74,716.00 on October 11, 2026 at 8:07 p.m. Paris time, up 0.80% over 24 hours.