Strategy Executive Chairman Michael Saylor has reignited speculation that the bitcoin-heavy listed company may have resumed purchases after posting a message about “more orange” alongside a chart of its bitcoin holdings. However, Strategy’s latest regulatory filings show no bitcoin purchases or sales between September 8 and September 13, following the same disclosure for the previous week.
Strategy typically reports its bitcoin purchases from the prior week on Mondays. That means Saylor’s post could still precede a transaction that has not yet been disclosed, but confirmation will depend on the company’s next filing. The discussion comes as bitcoin markets assess whether the latest rebound can hold.
Strategy holds about 845,050 bitcoin
In filings with the U.S. Securities and Exchange Commission, Strategy said it held approximately 845,050 bitcoin as of September 13. The company had invested about $63.73 billion in total, putting its average cost at roughly $75,412 per bitcoin.
Strategy’s most recent disclosed purchase took place on August 31, when it acquired 4,603 bitcoin for approximately $369.7 million. The transaction ended a 10-week pause in purchases. Saylor has previously used similar charts and posts to signal the company’s activity before related transactions were formally disclosed.
If Strategy did buy bitcoin again last week, the market’s focus will extend beyond the number of coins acquired to how the company funded the purchase. The filing showed that about $1.3 billion remained in the account designated for bitcoin purchases as of September 13. During the week ending on that date, however, Strategy used $139.3 million to repurchase preferred stock rather than add to its bitcoin holdings.
Cash allocation may shape the buying pace
Strategy has financed its bitcoin strategy through stock offerings, debt and other capital-markets instruments. Its cash balance, preferred-stock repurchases and share-price performance can all affect the pace of future purchases. The filings also show that the company sold some bitcoin this year to support the related stock price.
Saylor’s latest post has therefore renewed market speculation, but it did not disclose the size of any purchase, the transaction date or its funding source. Investors will need to rely on Strategy’s regulatory filings to determine whether the recent pause in its bitcoin accumulation has actually ended.
Calacanis questions the durability of the rebound
Before Saylor’s post, angel investor Jason Calacanis shared a one-year bitcoin chart on social media and said the market was still experiencing a “dead-cat bounce.” The term generally refers to a temporary recovery during a broader decline, followed by the possibility of renewed weakness.
Calacanis argued that bitcoin has not performed well as a payments tool or smart-contract platform, that the user experience remains insufficiently accessible for most people, and that its hold on public attention has weakened. He compared bitcoin with physical discs in the streaming era, questioning its long-term utility and market appeal.
Saylor’s “more orange” post, accompanied by the holdings chart, was widely viewed as a response to that debate. The facts currently confirmed are that Strategy’s bitcoin holdings and cumulative cost were unchanged as of September 13. Whether the post signals a new purchase will become clear only when the company makes its next disclosure.