Michael Saylor’s Strategy hints at another big Bitcoin buy

Michael Saylor has renewed speculation on Oct. 4 that Strategy may have bought more Bitcoin after posting a new accumulation chart, with the company's last confirmed holdings at 847,666 BTC.

Summary

• Strategy holds 847,666 BTC after buying 1,665 coins for $142.7 million during the latest week.
• Saylor's October 4 post hinted at further buying but did not confirm another Bitcoin purchase.
• Strategy's latest SEC filing shows $18.84 billion of MSTR shares remained available for future issuance.
• U.S. spot Bitcoin ETF holdings have increased by roughly 88,000 BTC since July, CryptoQuant reports.
• Bitcoin trades near $85,250, leaving Strategy's $75,437 average acquisition cost below the current market price.

Strategy's Sept. 28 SEC filing shows that its latest confirmed purchase covered 1,665 BTC acquired for $142.7 million between Sept. 21 and Sept. 27. The company paid an average of $85,681 per coin, taking its total holdings to 847,666 BTC acquired for $63.95 billion.

Saylor posted the words "More orange than ever" alongside Strategy's Bitcoin purchase chart on Sunday. The message did not disclose a purchase amount, transaction date or price, meaning it does not by itself confirm another acquisition.

More orange than ever. pic.twitter.com/on52TtcFO1 --- Michael Saylor (@saylor) October 4, 2026

Strategy's latest Bitcoin buy took holdings to 847,666 BTC

As previously reported, Strategy's latest 1,665 BTC purchase followed another acquisition one week earlier, when the company bought 950 BTC for $75.7 million at an average price of $79,670. The two transactions returned Strategy to consecutive weekly buying after earlier pauses.

Strategy's official Bitcoin ledger lists 847,666 BTC as its latest reported balance. The company's aggregate acquisition cost stands at $63.945 billion, equal to an average of $75,437 per BTC including fees and expenses.

At Bitcoin's current price, the position carries a much higher market value. CoinGecko shows Bitcoin trading near $85,250 on Oct. 4, up roughly 0.5% over 24 hours and trading inside a daily range of approximately $84,572 to $85,401.

Using that market price, Strategy's 847,666 BTC would be worth close to $72.3 billion. The calculation puts the market value roughly $8.3 billion above the company's reported $63.95 billion acquisition cost, though the figure changes continuously with Bitcoin's price.

Saylor's wording resembles an earlier weekend signal. Strategy's media feed shows his previous "Even more orange" post alongside the company's recent Bitcoin updates. Strategy then disclosed the 1,665 BTC purchase on Sept. 28.

A similar pattern does not confirm that the Oct. 4 post will lead to another acquisition disclosure. No newer SEC filing has disclosed an additional Bitcoin purchase as of Sunday.

Strategy still has billions available under its stock program

Strategy funded its most recent purchase through sales of MSTR common stock.

The company disclosed that it sold 1,469,165 MSTR shares between Sept. 21 and Sept. 27, generating $246.2 million in net proceeds. Of that amount, $142.7 million funded Bitcoin purchases and $103.5 million funded repurchases of STRC preferred stock.

Another $48.1 million from existing cash was used for STRC repurchases, bringing the total preferred-share buyback to $151.7 million during the week. Strategy ended Sept. 27 with $5.02 billion in its U.S. dollar reserve and approximately $1 billion in separate USD cash.

The filing showed $18.84 billion remained available for issuance and sale under Strategy's MSTR at-the-market program as of Sept. 27. Separate available capacity stood at $17.51 billion for STRC, $4.01 billion for STRD, $2.1 billion for STRK and $1.62 billion for STRF.

STRC, STRD, STRK and STRF are preferred stocks, not corporate bonds. Strategy's filing identifies STRF and STRD as 10% perpetual preferred shares, STRK as 8% perpetual preferred stock and STRC as variable-rate perpetual preferred stock.

Strategy's own market dashboard reported an mNAV ratio of 1.18x using market data last updated Oct. 2. MSTR stood at $159.11, while the dashboard listed the company's Bitcoin position at 847,666 BTC and preferred stock at roughly $14.13 billion.

The company-defined mNAV measure can move with MSTR, Bitcoin and Strategy's capital structure. It should not be treated as confirmation of a future Bitcoin purchase.

Bitcoin ETF holdings have risen with price since July

Saylor's latest post comes as U.S. spot Bitcoin ETF holdings have continued to rise alongside Bitcoin's recovery.

CryptoQuant analyst Amr Taha reported that U.S. spot Bitcoin ETF holdings increased from roughly 1.20 million BTC on July 1 to approximately 1.288 million BTC by Oct. 4. Source: CryptoQuant

The change represents nearly 88,000 BTC, or 7.3%, according to the analyst. Bitcoin rose from around $59,500 to roughly $85,000 during the same period, an increase close to 43%.

Taha said ETF-held Bitcoin continued increasing while price moved higher, although the data do not establish how much of the rally was caused by ETF demand. ETF holdings grew at a slower rate than Bitcoin's price over the three-month period.

Recent Bitcoin analysis around the $82,000 support level similarly identified ETF inflows and corporate purchases among the demand factors entering October, while noting that neither guarantees continued price gains.

CryptoQuant CEO Ki Young Ju has taken a more bullish view of the current cycle. In comments discussed by CryptoQuant analyst XWIN Japan, Ju said he believes Bitcoin's bear market "ended this summer" and described the market as being in the early stages of a new cycle.

The analyst's report pointed to stronger inflows into accumulation addresses, reduced selling from older whales and a less extreme MVRV profile than in earlier cycles. Ju's reported expectation of a possible 3--5x move from cycle lows remains a forecast and does not establish where Bitcoin will trade next.

A new Strategy purchase still needs confirmation

Strategy has not disclosed how much Bitcoin, if any, it acquired after Sept. 27.

Its latest regulatory filing leaves substantial MSTR issuance capacity available, but unused capacity does not show that shares have since been sold or that the resulting proceeds have been deployed into Bitcoin.

The company's recent pattern means its next official disclosure will provide the clearest answer. Its Sept. 28 filing states that Strategy uses its website dashboard as a Regulation FD disclosure channel for Bitcoin purchases, holdings, securities prices and other company information.

The latest entry on Strategy's Bitcoin ledger remains the Sept. 28 update covering 1,665 BTC purchased during the week ended Sept. 27.