Key Takeaways
- Saylor’s Sept. 27 chart renewed speculation about a Strategy purchase.
- The chart values Strategy’s 846,000 BTC at $71.81 billion.
- Strategy last disclosed a 950 BTC purchase on Sept. 21.
Saylor’s Orange Chart Puts Another Bitcoin Buy in Focus
Another bitcoin purchase may be coming from Strategy Inc. (Nasdaq: MSTR), after Executive Chairman Michael Saylor shared a chart of the company’s holdings on Sept. 27. His message about adding more orange accompanied a graphic that marks Strategy’s bitcoin purchases with orange circles. Saylor wrote: “Even more orange.”
The chart shows 846,000 BTC with a market value of $71.81 billion at the time it was captured. It lists an average acquisition price of $75,416 per bitcoin. The dollar value reflects bitcoin’s market price and can change even when the number of coins stays the same.
Strategy’s Sept. 21 filing with the Securities and Exchange Commission reported a purchase of 950 BTC for $75.7 million during the preceding week. That transaction brought its holdings to 846,000 BTC as of Sept. 20. Saylor’s new post points toward a possible further purchase; a subsequent company disclosure would establish whether one occurred.
Earlier Teaser Was Followed by a $370 Million Purchase
The 846,000 BTC displayed on Sunday’s chart is the total Strategy disclosed after its latest confirmed acquisition. That 950 BTC purchase returned the company’s holdings to a level it held during the summer before further bitcoin sales. Strategy spent $174 million repurchasing its STRC preferred stock in the same reporting period.
Saylor has used a holdings chart to hint at a potential purchase before. On Aug. 30, he shared a “We’re Back” message as Strategy awaited its next transaction disclosure. At that point, the company’s reported holdings stood at 840,447 BTC.
The following day, Strategy disclosed a $369.7 million bitcoin purchase totaling 4,603 BTC. That sequence gives Saylor’s latest orange chart a precedent, while the size and timing of any new transaction remain subject to Strategy’s next disclosure.
What the $71.81 Billion Figure Shows
Strategy’s bitcoin ledger records its disclosed acquisitions and sales. Its latest entry is the 950 BTC purchase reported Sept. 21, bringing the total cost of its current holdings to about $63.8 billion. The chart’s $71.81 billion figure represents their market value at a particular bitcoin price, rather than the amount Strategy spent acquiring them.
For a company with a bitcoin corporate treasury, the distinction is significant: a price move can raise or lower the reported value of its reserve without any purchase or sale. Strategy also reported $1.05 billion in USD Cash as of Sept. 20, which it may use for bitcoin purchases or other corporate purposes.
