Michael Saylor, executive chairman of Strategy, posted his Bitcoin accumulation chart on X on Sunday, November 8, with the caption “Connecting the dots.” The update followed the company’s established routine of sharing the chart ahead of its typical Monday disclosures of treasury activity.

The post did not confirm any new purchase or provide updated holdings figures. Strategy usually reports acquisition details, including the number of bitcoins bought, average price paid and financing methods, in a Form 8-K filing with the U.S. Securities and Exchange Commission.

Recent Acquisition Details

Strategy’s most recent disclosed purchase occurred in the period ending November 1. The company acquired 811 BTC for approximately $65.5 million at an average cost of $80,846 per bitcoin, including fees and expenses. That transaction brought its reported holdings to 849,327 BTC, purchased at an aggregate cost of $64.08 billion and an overall average of $75,451 per coin.

The November purchase was funded through the sale of 1,178,552 shares of MSTR common stock via the company’s at-the-market offering program. Those sales generated $164 million in net proceeds, of which $65.5 million went toward the bitcoin and the remainder was added to cash balances. Strategy reported no preferred-share sales in that period.

Separately, the company used existing cash to repurchase 2,092,035 shares of its STRC preferred stock for $208.2 million. At the end of November 1, Strategy held roughly $4.79 billion in a designated dollar reserve and an additional $132.7 million in other cash.

STRC Performance and Capital Structure

Saylor’s Sunday chart post came one day after he published a separate discussion of the financial foundations behind Strategy’s preferred-stock products. STRC, which trades on Nasdaq, closed at $99.84 on Friday, November 6, up 0.38 percent on the session. The shares traded in a narrow range between $99.50 and $99.84 on volume of about 1.61 million.

STRC employs a variable monthly dividend-rate policy intended to keep the security trading near its $100 stated amount. The structure differs from MSTR common shares, which provide residual exposure to Strategy’s operating business and bitcoin holdings. Management can issue preferred shares to raise capital or repurchase them to reduce future dividend obligations.

Strategy’s market-value-to-net-asset-value ratio, calculated under the company’s methodology, recently stood near 1.12 times. MSTR common stock closed at $128.93 on November 6.

Bitcoin Price Context

Bitcoin traded around $75,900 on November 8, remaining below Strategy’s latest average acquisition cost of $80,846 while sitting close to the company’s overall average purchase price of $75,451. Selling pressure across cryptocurrency markets and continued outflows from U.S. spot bitcoin exchange-traded funds have limited recent price recovery. Net ETF withdrawals totaled approximately $1.28 billion between November 2 and 6, including $411.9 million on Friday alone.

An additional factor on the horizon is the scheduled MSCI index review announcement on November 11. The review will address whether companies with substantial digital-asset treasury holdings should remain eligible for certain equity indexes. Strategy has previously estimated that relevant index-tracking funds held about 13 million MSTR shares, or roughly 3.1 percent of its basic outstanding shares.

Any new bitcoin acquisition would require official confirmation in Strategy’s next periodic disclosure, which would cover activity since November 1. The company retains flexibility to fund purchases through common-share sales, preferred-stock issuance or existing cash reserves.