Strategy chair Michael Saylor has once again hinted at fresh Bitcoin purchases, telling investors watching for a signal on Sunday that "There's always room for more orange" in a post on X.

Any official confirmation via a filing with the US Securities and Exchange Commission is unlikely to arrive before Tuesday, however, as federal offices will be closed on Monday for the Columbus Day holiday. Strategy typically confirms its weekly purchases through 8-K filings, such as the Oct. 5 form covering its latest acquisition, which leaves Saylor's Sunday posts as the earliest signal investors get each week.

STRC Buybacks Outpaced Bitcoin Spending in September

Strategy ended September by devoting more than six times its weekly Bitcoin (BTC) buying budget to repurchases of one of its preferred stocks. Between Sept. 28 and Oct. 4, the company acquired 334 BTC for $28.7 million, lifting its total holdings to exactly 848,000 BTC, according to an Oct. 5 8-K form. That stockpile makes Strategy the largest corporate holder of Bitcoin, a position it has built since it began buying the asset in 2020 while still operating under its original MicroStrategy name.

Over the same period, Strategy bought back roughly 1.77 million shares of its STRC preferred stock for $176.3 million, as previously reported by Cointelegraph. Preferred shares rank ahead of common stock in a company's capital structure, a detail that shapes what each capital raise ultimately leaves for ordinary shareholders.

Raise Cash Now, Buy Bitcoin Later

Strategy's recent moves could be read as an indication that management is building up cash now with the intention of spending it on BTC later.

Independent analyst Shanaka Anslem Perera noted on Saturday that Strategy raised $5.41 billion from new common shares in the third quarter and ended the period holding 1,666 more BTC than it did at the end of June.

Writing in his monthly newsletter on Bitcoin and crypto, Perera said Strategy's SEC filings "allocate 9.5% of the raise directly to bitcoin purchases. Other disclosed uses included a dollar reserve, cash, dividends and preferred-share buybacks."

"The question for investors is what the financing left behind. For a shareholder, bitcoin per share is only part of the answer. Cash counts too, while debt and preferred shares have claims ahead of common stock," he wrote.

"During the third quarter Strategy raised billions through share sales, but much supported cash reserves and preferred shareholders. Raising capital does not necessarily mean buying bitcoin," he told Cointelegraph on Sunday.

"That does not mean they stopped buying BTC. Cash retained can fund later purchases, and strengthening the balance sheet can benefit shareholders."

How that retained cash is deployed, and whether the STRC buyback continues alongside further BTC additions, should become clearer when federal offices reopen and the company's filing window resumes on Tuesday.

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