Michael Saylor posted another chart full of orange dots. Whether it means anything new is unclear. The Strategy co-founder’s October 18 message continued a familiar pattern of weekend posts that have often preceded a confirmed Bitcoin purchase the following week.
In the post on X, Saylor wrote, “We found room for more orange,” alongside a chart showing Strategy’s Bitcoin buying history. The company’s most recent confirmed holdings, per its October 12 filing with the US Securities and Exchange Commission (SEC), stood at 848,250 BTC.
What Saylor Posted
Saylor’s Sunday post followed his long-running practice of sharing Strategy’s Bitcoin acquisition tracker, with purchases marked as orange dots on a price chart. The message did not specify how many coins the company might buy, when, or whether a transaction had already taken place. A new chart or social media post does not by itself confirm a completed purchase—that confirmation normally comes through Strategy’s regulatory filings, which disclose the number of Bitcoin acquired, total spending, and the resulting balance.
The company’s latest confirmed figure remains 848,250 BTC, reported in an October 12 filing covering activity through October 11. Strategy’s reported aggregate acquisition cost for that holding is approximately $64 billion, or $75,444 per coin on average—a stake equal to roughly 4.04% of Bitcoin’s 21 million maximum supply.
The Confirmed Numbers
According to the October 12 filing, Strategy purchased 250 BTC between October 5 and October 11, spending approximately $21.5 million at an average price of $86,194 per coin, including fees. Of that, $21 million came from the sale of 125,183 shares of Strategy’s Class A common stock (MSTR), generating roughly $21 million in net proceeds; the remaining $500,000 came from the company’s existing cash.
Bitcoin traded near $81,045 on October 18, according to CoinGecko, keeping Strategy’s position above its reported average cost of $75,444. At that price, the company’s 848,250 BTC would be worth roughly $68.76 billion, against a disclosed acquisition cost of about $64 billion—a gap of roughly $4.76 billion that does not account for Strategy’s other financial obligations, taxes, or valuation adjustments.
A Pattern of Sunday Teasers
Saylor’s “more orange” framing has become a recurring feature of Strategy’s Bitcoin buying rhythm. On October 4, he posted a similar chart captioned “More orange than ever,” when Strategy’s disclosed holdings stood at 847,666 BTC; that post was followed days later by a confirmed purchase. A week earlier, on September 20, Saylor wrote “A little more orange” when holdings stood at 845,050 BTC—a message that also preceded further buying.
The pattern means Saylor’s posts function less as announcements than as previews: directional signals that something is likely coming, without the specifics that only a subsequent SEC filing can confirm. A new filing covering transactions after October 11 would be needed to determine whether Sunday’s post corresponds to an actual purchase.
Bitcoin Wasn’t Where Most of the Money Went
Despite the Bitcoin-buying headlines, most of Strategy’s disclosed spending during the week ending October 11 went toward something else entirely. The company repurchased 1,932,145 shares of its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) for approximately $192.4 million—about 8.95 times the $21.5 million it spent on Bitcoin in the same period.
STRC is one of several preferred-stock instruments Strategy has issued to raise capital, and it carries ongoing variable-dividend obligations. Repurchasing shares reduces the number outstanding on which the company must pay future dividends. Strategy’s filing did not disclose a specific reason for the timing of the buyback.
After the latest transactions, approximately $354.8 million remained authorized under the company’s digital credit securities repurchase program, alongside a separate $1 billion authorization under its MSTR common-stock buyback program—neither of which represents money already spent.
Strategy also reported $5.52 billion in combined dollar-denominated assets as of October 11: a $4.88 billion USD Reserve set aside for preferred-stock dividends and debt interest, and $640.5 million in general-purpose USD Cash available for Bitcoin purchases and other treasury uses. The filing does not indicate that the full $5.52 billion is earmarked for future Bitcoin buying.
Also Read: Strategy (MSTR) Falls 10% as MSCI Weighs Restrictions on Bitcoin Treasury Firms
