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Michael Saylor, executive chairman of Strategy, published the orange accumulation chart he often shares before the company discloses Bitcoin purchases, writing on Sunday that “We found room for even more orange,” according to crypto.news. The post follows Strategy’s custom of teasing acquisitions on Sundays and releasing the details on Mondays; the company did not disclose how many coins it may have bought or whether a transaction had completed.
The hint landed as Bitcoin traded at roughly $77,804, a gain of 0.45% over 24 hours after the asset fell to about $76,100 following the October 29 Binance hack, crypto.news reported. The largest Bitcoin treasury company held 848,517 BTC as of October 25, its October 29 quarterly results confirmed.
Also readStrategy Buys 1,665 BTC and Repurchases $152M of STRC
Key facts
- Strategy’s September 30 statement listed 847,666 BTC at a total original cost of $63.95 billion, an average of $75,437 per coin.
- U.S. spot Bitcoin ETFs saw $643.2 million in net withdrawals on October 30, ending October with roughly $516 million in net outflows.
- BlackRock’s IBIT accounted for $233.7 million of Friday’s withdrawals, Fidelity’s FBTC $201 million, ARK 21Shares’ ARKB $129.5 million, Grayscale’s GBTC $53.3 million and Bitwise’s BITB $25.7 million.
- Strategy’s STRC preferred stock closed Friday at $99.13, down 0.83%.
- Saylor told Schwab Network and Bloomberg Television between October 13 and 20 that a new four-year bull cycle had begun, per Crypto Briefing, citing a late-June rebound off the 200-week moving average.
A quiet stretch of accumulation
Any confirmation on Monday would follow a lighter period of buying. Strategy added 267 Bitcoin on October 19 and disclosed $193 million in repurchases of STRC preferred shares, raising its digital credit securities repurchase authorization from $2 billion to $3 billion. Its third-quarter figures showed 7,218 BTC bought for $588.1 million against 5,552 BTC sold, a net addition of 1,666 coins. Holdings were up 26% since the start of 2026, while capital raised in the first ten months reached about $21.23 billion across several corporate activities.
Institutions sold into the dip
Fund flows moved the other way. Bitfinex put Bitcoin about 7.5% below the average ETF investor cost basis, and Friday’s selling wiped out the $440.8 million the funds had taken in over the preceding four trading sessions. IBIT still finished October with roughly $932 million in net inflows while other funds collectively lost more than BlackRock’s product attracted, per crypto.news, which cited Farside Investors for the fund-level breakdown.
Also readStrategy Holders Back Daily Dividends on Four Preferred Stocks
VanEck’s head of digital asset research, Matthew Sigel, told AMBCrypto that STRC returning to par had previously been followed by a resumption of Strategy’s at-the-market sales to fund Bitcoin buys the next business day; in January, he noted, that pattern repeated. AMBCrypto also reported that Strategy drove 71% of Bitcoin treasury demand since August 2025 with more than 216,000 BTC acquired, most of it in late 2025 and the first half of 2026. Crypto Briefing puts Strategy’s stack at roughly 4% of total supply.
Strategy’s earnings and Saylor’s call
The October 29 results showed record third-quarter operating income of $20.91 billion, largely from a $20.91 billion accounting gain on Bitcoin holdings, and net income of $19.53 billion versus $2.79 billion a year earlier. Strategy reported $5.07 billion in dollar-denominated assets covering dividend and interest obligations for 3.4 years, and about $2.04 billion of STRC repurchased against the $2.05 billion figure AMBCrypto cited.
Saylor told investors during the earnings release that the market was at the start of the next Bitcoin bull market. Crypto Briefing noted the case rests on a rally of about $20,000 since the June floor, a price roughly 34% below the October 2025 high near $126,000, and structural tailwinds including bank lending against Bitcoin and tokenized securities, offset by restrictive monetary policy. His one-year target of $100,000 and 20-30% annual growth over two decades are forecasts from an executive whose balance sheet is tied to the outcome; readers should treat them as opinion rather than financial advice, and cryptocurrency markets remain volatile and uncertain.
Why it matters
A confirmed purchase would show whether Strategy is buying in larger size again after October’s decline, at a moment when ETF flows have turned negative and other treasury firms have been selling. Because Strategy’s disclosed average cost of $75,437 sits close to the current price, the sizes and terms of any new purchase carry unusual weight for MSTR holders and for the preferred securities that fund the strategy.
What to watch
The next disclosure would give the number of coins acquired, the price paid and the financing used. Separately, Strategy faces a November 11 index decision, and STRC’s move back toward its $100 peg is the signal VanEck is watching.
Sources: crypto.news, Crypto Briefing, AMBCrypto
