Saylor Hints at More Bitcoin After Strategy’s STRC Buybacks

Strategy chair Michael Saylor hinted that the company may have bought more Bitcoin after spending $176.3 million repurchasing its STRC preferred shares from Sept. 28 to Oct. 4.

In a post on X, Saylor wrote, “There’s always room for more orange,” referring to Bitcoin. The post did not confirm whether Strategy bought Bitcoin, or disclose the amount or timing of any purchase.

An official update was unlikely before Tuesday because U.S. federal offices were scheduled to close Monday for the Columbus Day holiday. Strategy typically reports Bitcoin transactions in filings with the U.S. Securities and Exchange Commission.

Strategy bought 334 Bitcoin for $28.7 million during the period, bringing its holdings to exactly 848,000 BTC, according to an Oct. 5 filing. It also repurchased about 1.77 million STRC shares for $176.3 million-more than six times its weekly Bitcoin-buying budget.

The company raised $5.41 billion through common-stock sales in the third quarter. It ended September with 1,666 more Bitcoin than it held at the end of June, according to independent analyst Shanaka Anslem Perera.

Perera’s review of Strategy’s filings found that 9.5% of the third-quarter stock proceeds was allocated directly to Bitcoin purchases. Other disclosed uses included a dollar reserve, cash, dividends and preferred-share repurchases.

“Bitcoin per share is only part of the answer,” Perera wrote in a monthly newsletter. “Cash counts too, while debt and preferred shares have claims ahead of common stock.”

Perera added that raising capital does not mean Strategy bought Bitcoin immediately. The company may retain cash for future purchases or to strengthen its balance sheet, he wrote.