Saylor Adds 250 Orange Coins While Strategy Hoards $640M for the Next Round 🍊

Strategy, the largest corporate Bitcoin treasury, acquired 250 BTC for $21.5 million between October 5 and October 11, paying $86,194 per coin including fees, the company said Monday. The purchase brought its holdings to a record 848,250 BTC, acquired for roughly $64 billion at an average price of $75,444 per coin. Founder and executive chair Michael Saylor previewed the buy with a Sunday post reading, "There's always room for more orange."

The Bitcoin was funded through $21 million raised by selling approximately 125,000 shares of common stock under its at-the-market offering program and $500,000 in cash. The firm did not sell any preferred stock during the week.

Strategy also repurchased 1,932,145 shares of its variable-rate Stretch (STRC) preferred stock for $192.4 million, up from $176.3 million the previous week, leaving $354.8 million authorized for future preferred buybacks. As of October 11, the company held $4.88 billion in a U.S. dollar reserve set aside for preferred dividends and debt interest, plus $640.5 million in cash earmarked for general purposes such as future Bitcoin purchases. Its Nasdaq-listed common stock MSTR was up less than 1% before Monday's open, while STRC was poised to open at $99.68 a share. Strategy typically files its Bitcoin purchase updates with the U.S. Securities and Exchange Commission, which was closed Monday for the Columbus Day holiday.

The pace of accumulation has slowed. Strategy's Bitcoin balance grew just 0.2% in the third quarter after it acquired 7,218 BTC and sold 5,553 BTC, and the latest 250 BTC buy marked a second straight weekly decline in purchases. Traders on prediction market Myriad, owned by Decrypt parent company Dastan, put just a 5% chance on the company surpassing one million BTC by year-end. Separately, the company has proposed that preferred dividends accrue 365 days a year and has said it could sell up to $1.25 billion of Bitcoin under its digital credit capital framework. CEO Phong Le defended selling Bitcoin as the "right trade" in September, weeks before a late-month $143 million purchase pushed holdings to a new record.

Last week's activity followed a third-quarter $21 billion gain reported by the company, even as a Bermuda-based life insurer operating entirely in Bitcoin raised $37.5 million from existing investors led by Bain Capital Crypto, with participation from Haun Ventures, Framework Ventures, Pantera Capital, Apollo, Northwestern Mutual Future Ventures, and Morgan Creek Digital.