Strategy (MSTR) Stock: Is Saylor Signaling Another Bitcoin Buy? Filing Due Tuesday

TLDR

• Michael Saylor posted “There’s always room for more orange” on X on Oct. 11, hinting at another Bitcoin buy.
• Strategy’s last purchase was 334 BTC for $28.7 million, bringing holdings to 848,000 BTC.
• The company spent $176.3 million repurchasing about 1.77 million STRC preferred units in the same week.
• Only 9.5% of the $5.41 billion raised from common stock in Q3 was allocated to Bitcoin.
• An SEC filing is unlikely before Tuesday because of the Columbus Day holiday.

Michael Saylor is dropping hints again. The Strategy (MSTR) chairman posted “There’s always room for more orange” on X on Sunday, Oct. 11.

Investors will need to be patient. US federal offices are closed Monday for Columbus Day, so an SEC filing is unlikely before Tuesday.

Saylor attached a chart showing 848,000 BTC worth $70.48 billion. It marks 117 purchase events and an average cost of about $75,441 per coin.

The coin count matches Strategy’s disclosed holdings as of Oct. 4. The dollar figure moves with Bitcoin’s price, so it can change without any new buying.

What Past Hints Tell Us

This is a familiar routine. On Oct. 4, Saylor posted “More orange than ever” alongside a chart showing 847,666 BTC.

Strategy Inc, MSTR

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The next morning, Strategy reported buying 334 BTC. That took its total to exactly 848,000 coins.

September looked much the same. Saylor posted a hint on Sept. 27, and Strategy reported another 1,665 BTC bought that week.

The latest 334 BTC cost $28.7 million, fees included. The average price was about $85,839 per coin, above the company’s overall average cost.

Where the Money Came From

Of that $28.7 million, $15.7 million came from MSTR stock sales. The other $13 million came from the company’s cash balance.

Total spending on Bitcoin now sits near $63.97 billion. Strategy spent far more on its preferred stock last week, though.

It repurchased about 1.77 million STRC units for $176.3 million. That is more than six times its weekly Bitcoin budget.

Some read this as a plan to stockpile cash and buy Bitcoin later. Analyst Shanaka Anslem Perera noted that Strategy raised $5.41 billion from new common stock in the third quarter.

Over that period, holdings rose by only 1,666 BTC. Perera said filings allocate 9.5% of the raise to Bitcoin, with the rest going to a dollar reserve, cash, dividends and preferred buybacks.

He told Cointelegraph that raising capital does not necessarily mean buying Bitcoin. He added that retained cash can fund later purchases, while debt and preferred stock have claims ahead of common stock.

Strategy holds a $4.88 billion reserve for preferred dividends and debt interest. It also has $833.4 million in cash for general purposes, including Bitcoin buys.

The next 8-K, expected Tuesday, will show whether Saylor’s post matched a new purchase.