Saylor teases Strategy Bitcoin buying after ending September with STRC buybacks — SkimNews
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Michael Saylor posted "There's always room for more orange" on X, his signature signal teasing further Bitcoin purchases, though no SEC filing is expected before Tuesday due to the Columbus Day federal holiday on Monday.
- Strategy bought 334 BTC for $28.7 million between Sept. 28 and Oct. 4, bringing its total holdings to exactly 848,000 BTC according to an Oct. 5 8-K form filing.
- Strategy repurchased approximately 1.77 million shares of its STRC preferred stock for $176.3 million over the same period — more than six times its weekly Bitcoin buying budget.
- Strategy raised $5.41 billion from new common shares in the third quarter, but only 9.5% of that raise was allocated directly to Bitcoin purchases, per analyst Shanaka Anslem Perera's reading of SEC filings.
- Strategy ended Q3 with 1,666 more BTC than it held at the end of June, per Perera, who noted that the bulk of the capital raise funded cash reserves, dividends, and preferred-share buybacks rather than BTC.
- Perera argued that capital raised does not necessarily translate into Bitcoin buying, since retained cash can fund later purchases and preferred-stock repurchases signal management is strengthening the balance sheet.
Why it matters: Saylor's X post is the real-time signal retail investors watch, but the underlying SEC data tells a different story: Strategy spent roughly six times more on STRC buybacks than on BTC last week, and only 9.5% of Q3's $5.41 billion raise went directly to Bitcoin purchases. Investors reading the next 8-K should expect BTC-per-share growth to lag the headline enthusiasm, with cash reserves and preferred-share obligations taking priority over accumulation.
Ask SkimNews
