Strategy Posts Fresh Bitcoin Purchase Data

Strategy, the corporate treasury company formerly known as MicroStrategy, released an updated accumulation chart on October 4, 2026, featuring an increased number of orange markers that represented the highest density of purchases recorded to date. Chairman Michael Saylor accompanied the chart with a simple statement on X, writing "More orange than ever." The post did not include any specific details on the size of a potential new transaction or the exact timing, leaving market participants to interpret it as an indication of continued activity rather than a confirmation.

The chart aligned with Strategy’s latest regulatory filing, which documented the purchase of 1,665 Bitcoin for $142.7 million between September 21 and September 27. The company acquired the coins at an average price of $85,681 each, bringing its total holdings to 847,666 BTC acquired at an overall cost of $63.95 billion. This represented an average acquisition price of $75,437 per Bitcoin, including fees and expenses.

Market Valuation and Unrealized Gains

Bitcoin traded near $85,250 on the day of the post, pushing Strategy’s holdings to a market value of approximately $72.3 billion. The gap between current market value and the company’s historical acquisition cost stood at roughly $8.3 billion. The position reflected a significant paper gain amid Bitcoin’s recent recovery from levels around $59,500 in July.

The company’s market dashboard, updated as of October 2, showed a market net asset value ratio of 1.18 times, with MSTR shares trading at $159.11. Each diluted share corresponded to roughly 0.001972 BTC, underscoring the premium Strategy commands over its underlying crypto reserves.

Funding Through Equity Sales and Preferred Stock Issuance

Strategy funded the latest Bitcoin purchase by selling 1,469,165 shares of MSTR common stock for $246.2 million in net proceeds. Of this amount, $142.7 million went toward Bitcoin acquisitions, while $103.5 million supported the repurchase of STRC preferred stock. Additional cash reserves covered the balance of preferred-share buybacks, bringing the total preferred-stock activity to $151.7 million for the week.

According to the September 28 SEC filing, $18.84 billion remained available for issuance under Strategy’s at-the-market program for MSTR shares as of September 27. Additional capacity existed for other preferred series: $17.51 billion for STRC, $4.01 billion for STRD, $2.1 billion for STRK, and $1.62 billion for STRF. These figures were labeled as perpetual preferred shares with fixed or variable yields ranging from 8 percent to 13.63 percent.

Strategy ended the period with approximately $5.02 billion in U.S. dollar reserves and another $1 billion in separate cash holdings, providing liquidity to support ongoing treasury operations.

Bitcoin ETF Activity and Broader Market Context

U.S. spot Bitcoin ETF holdings reached approximately 1.288 million BTC by October 4, reflecting a net increase of nearly 88,000 BTC since July 1. The growth occurred alongside a roughly 43 percent rise in Bitcoin’s price over the same interval, though ETF inflows trailed the rate of price appreciation.

Market analysts noted that corporate purchases, including those from Strategy, continued to contribute to demand alongside ETF inflows. Strategy’s approach of using equity issuances and preferred stock offerings to fund crypto acquisitions distinguished it from traditional corporate balance-sheet management, allowing it to maintain a large treasury of the cryptocurrency without relying solely on cash reserves.

Next Steps for Bitcoin Holdings Disclosure

Strategy has not yet released details on any purchase completed after September 27. The company relies on its official Bitcoin ledger and website dashboard for Regulation FD disclosures on holdings, transactions, and related securities information. The latest ledger entry remains the September 28 update covering the 1,665 BTC acquired during the prior week.

Any new acquisition will require a corresponding SEC filing to meet disclosure requirements. The substantial remaining issuance capacity under the MSTR program leaves open the possibility of future share sales to support additional Bitcoin accumulation if market conditions allow.