Saylor Points to Additional Bitcoin Accumulation

Michael Saylor, executive chairman of Strategy, posted on X on October 18 that the company had “found room for more orange,” accompanied by a chart tracking its historical Bitcoin purchases marked in orange. The message followed a familiar pattern in which similar posts have preceded disclosed acquisitions, though it provided no details on timing, size or confirmation of any completed trade.

Strategy’s most recent regulatory filing, covering the week ending October 11, showed the firm acquired 250 Bitcoin for approximately $21.5 million at an average price of $86,194 including fees. That purchase lifted total holdings to 848,250 BTC, acquired at an aggregate cost of roughly $64 billion and an average cost basis of $75,444 per coin. The position equals about 4.04 percent of Bitcoin’s maximum 21 million supply.

At recent prices near $81,000, the holdings carried an indicative market value of more than $68.7 billion. Strategy funded most of the latest 250-coin purchase with proceeds from the sale of Class A common shares and a smaller amount of existing cash.

Preferred Share Buybacks Outpace Bitcoin Spending

During the same reporting week, Strategy directed substantially more capital toward its own securities. The company repurchased 1,932,145 shares of its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) for about $192.4 million. That outlay was nearly nine times the amount spent on Bitcoin.

The preferred shares had been yielding 12.31 percent. Reducing the outstanding balance lowers future dividend obligations. After the transactions, Strategy still held authorization for roughly $354.8 million in further digital credit securities repurchases and $1 billion under a separate common-stock repurchase program.

The firm also reported $5.52 billion in dollar-denominated assets as of October 11, consisting of a $4.88 billion USD reserve earmarked for preferred dividends and debt service plus $640.5 million in other cash available for treasury and capital-management purposes.

Bitcoin Holds Support as ETF Flows Reverse

Bitcoin traded near $81,100 on October 18, remaining above the $80,000 level that has served as near-term support. Spot Bitcoin exchange-traded funds recorded more than $228 million in net outflows during the prior week and $681 million the week before that, bringing the monthly total to roughly $617 million in redemptions. Those outflows reversed strong inflows of $2.65 billion in September and $3.52 billion in August.

U.S. Treasury yields have eased in recent sessions. The 10-year yield declined from a monthly high of 5.36 percent to 5.08 percent, while the two-year yield fell from 4.95 percent to 4.715 percent. Lower yields have historically coincided with firmer Bitcoin prices.

Technical indicators showed a falling-wedge formation, price holding above the 50-day exponential moving average, and a constructive Supertrend reading, conditions that have previously preceded rebounds toward prior resistance near $87,250. A sustained break below $80,000 would alter that outlook.

Market Context and Corporate Position

Strategy remains the largest publicly traded corporate holder of Bitcoin. Its average acquisition cost sits below current market levels, producing an unrealized gain on the reported cost basis. The firm continues to rely on a mix of equity issuance capacity, preferred-stock programs and cash reserves to fund both Bitcoin purchases and capital-structure management.

No new regulatory disclosure has yet confirmed any purchase after October 11. Confirmation of further accumulation would appear in subsequent weekly filings that detail the number of coins acquired, total expenditure and updated holdings total.