Key Takeaways
- Saylor’s Nov. 1 chart displayed 848,517 BTC and 119 purchase events.
- He cited renewed institutional demand in his bitcoin bull market outlook.
- Bitcoin holdings rose 26% this year, while BTC Yield was negative.
Saylor Shares Another Orange-Themed Bitcoin Signal
Strategy Inc. (Nasdaq: MSTR) Founder and Executive Chairman Michael Saylor signaled a potential expansion of the company’s bitcoin treasury on Nov. 1. Sharing a chart of its acquisition history on X, he stated: “We found room for even more orange.” His latest bitcoin buying hint accompanied a graphic displaying 848,517 BTC, valued at approximately $66 billion.
Orange circles marked purchases against bitcoin’s price history, while a separate line tracked the average acquisition price. The graphic listed 119 purchase events and an average cost of $75,446 per coin. Its displayed balance matched the company’s disclosed holdings as of Oct. 25, making the message a buying signal rather than confirmation of an additional acquisition.
Saylor’s latest message followed an earlier orange-themed buying hint on Oct. 11, when his chart showed 848,000 BTC. The following day, Strategy disclosed a purchase of 250 BTC for approximately $21.5 million. That sequence provides a precedent for interpreting his latest reference to more orange as a potential acquisition signal.
Bull Market Outlook Accompanies Record Quarterly Earnings
The buying hint followed Saylor’s bullish assessment in Strategy’s Oct. 29 earnings announcement. He said bitcoin was at the “beginning of the next bitcoin bull market,” citing growing acceptance among banks, renewed institutional demand, and bitcoin’s increasing dominance among digital assets. At the time, he said its price stood 21% above its 200-week moving average.
That outlook accompanied record quarterly operating income of $20.91 billion and diluted earnings of $44.75 per share. Digital asset gains accounted for $20.91 billion of operating income. Revenue declined 3% from a year earlier to $125.4 million.
According to its third-quarter financial results, holdings increased 26% year to date, with bitcoin purchases totaling $14.33 billion through Oct. 25. However, BTC Yield, which measures changes in bitcoin per assumed diluted share, was negative 3.7%. The result showed that growth in the coin balance lagged the expansion of that share count.
Purchase Hint Follows a Week of STRC Buybacks
The company’s Oct. 26 SEC filing established that it neither bought nor sold bitcoin during Oct. 19-25. Its holdings cost approximately $64.02 billion, including fees and expenses. Strategy also reported no share sales through its at-the-market offering program during that period.
Capital instead went toward $204.9 million in STRC repurchases, covering 2,068,459 shares of its variable-rate Stretch preferred stock. The buybacks used cash available for bitcoin acquisitions, capital management, and other corporate purposes. As of Oct. 25, that cash balance stood at $242.4 million, alongside a separate $4.83 billion reserve supporting preferred dividends and debt interest.
At the disclosed balance, Strategy held approximately 4.04% of bitcoin’s maximum supply of 21 million coins. That concentration gives each acquisition a measurable effect on its treasury, although the dollar value of the position remains sensitive to bitcoin’s price. BTC is trading at $77,924 at the time of writing.
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