Key Takeaways
- Saylor signaled interest in more bitcoin buying during the market decline.
- Every $1,000 bitcoin move changes Strategy’s holdings’ value by about $850 million.
- Saylor’s comparison showed preferred shares gaining as bitcoin declined.
Orange Markers Signal Interest in More Bitcoin
Michael Saylor, founder and executive chairman of bitcoin treasury company Strategy Inc. (Nasdaq: MSTR), hinted at further buying on Nov. 15 amid a sharp bitcoin decline. He shared a chart from SaylorTracker.com, which tracks the company’s holdings and purchases. Orange circles marked 121 purchase events against the cryptocurrency’s price.
In his message accompanying the purchase chart on X, Saylor stated:
“This dip could use a little orange.”
A week earlier, he shared a similar chart with the caption “Connecting the dots.” Strategy subsequently disclosed its purchase of another 1,036 bitcoin for approximately $81.9 million during Nov. 2-8. The acquisition brought reported holdings to 850,364 BTC at an average price of $79,012 for the latest batch. Common-stock sales financed those purchases and $188.3 million in repurchases of STRC preferred shares.
Strive Chairman and CEO Matt Cole also signaled interest in buying on Nov. 15. In his statement on buying bitcoin during the decline on X, Cole stated: “Bitcoin’s cheap, we want more.”
Reserve Valuation Shows Billions Below Cost
The image Saylor shared displayed a bitcoin reserve value of $55.7 billion, compared with Strategy’s disclosed acquisition cost of $64.16 billion. Its Nov. 9 filing put the average purchase price at $75,456 per bitcoin, including fees and expenses. Subtracting the chart’s valuation from that cost produces an approximately $8.46 billion unrealized loss.
Earlier on Nov. 14, the company’s bitcoin position showed a roughly $7.2 billion paper loss at a different price snapshot. At the disclosed holding level, every $1,000 bitcoin move changes the reserve’s market value by approximately $850 million. The tracker separately displayed its own 13.50% loss figure of $8.69 billion.
Those holdings represent about 4.05% of bitcoin’s maximum 21 million supply. As of Nov. 8, Strategy held a $4.77 billion reserve designated for preferred-stock dividends and debt interest, alongside $146.2 million in separate cash.
Bitcoin traded at $62,479, down 8.48% over 24 hours, 16.27% over one week, 22.77% over one month, and 33.05% over one year, according to Bitcoin.com Markets’ data updated at 1:34 a.m. UTC on Nov. 15.
Preferred Shares Gain Ahead of Index Exit
A day before the buying hint, Saylor highlighted gains from Strategy’s preferred stock, STRC, also called Stretch. His comparison showed a dividend-inclusive monthly return of 1% while bitcoin fell 17.3%. The figures used data through Nov. 13 and counted payouts without assuming reinvestment. Preferred-share payouts depend on company funding, and STRC’s market price can move independently of bitcoin.
Meanwhile, Strategy faced removal from the MSCI USA Index, which tracks large and midsize U.S. companies. Funds following the benchmark could sell shares as they adjusted their portfolios. Strategy had previously said MSCI-linked funds held approximately 13 million shares, or 3.1% of its basic shares outstanding.
MSCI’s index review results listed Strategy’s Class A stock among 24 USA Index deletions. The deletion applies to its publicly traded common shares, which trade under the MSTR ticker. Changes take effect after the Nov. 30 close, subject to adjustments before implementation.
