Michael Saylor Hints at New Strategy Bitcoin Purchase as US Spot ETFs Lose $643 Million
Key Takeaways
- •Michael Saylor posted his familiar orange chart on X on Sunday with a message suggesting Strategy may have added more Bitcoin, but the post did not confirm a transaction or reveal how many coins were involved.
- •Strategy traditionally announces purchase details on Mondays, usually through a filing with the U.S. Securities and Exchange Commission, following Sunday teasers from Saylor.
- •Strategy's Bitcoin holdings reached 848,517 coins as of October 25, a 26% increase since the start of 2026, after the company bought 267 Bitcoin on October 19 and raised its preferred stock buyback limit from $2 billion to $3 billion.
- •During the third quarter, Strategy purchased 7,218 Bitcoin for $588.1 million while selling 5,552 coins for a net gain of 1,666, and it reported record operating income of $20.91 billion, driven mostly by an accounting gain on its holdings.
- •U.S. spot Bitcoin ETFs recorded $643.2 million in outflows on October 30 and ended the month with roughly $516 million in net outflows, underscoring a divergence in which fund investors were selling while Strategy continued to accumulate.
Michael Saylor has hinted that Strategy, the software company formerly known as MicroStrategy and the largest corporate holder of Bitcoin, may have bought more of the asset. On Sunday, the executive chairman posted his familiar orange-themed chart on X, an image he has often shared in the run-up to the company's announcements of new Bitcoin purchases.
"We found room for even more orange," Saylor wrote alongside the chart.
We found room for even more orange. pic.twitter.com/Pim20wkhrN — Michael Saylor (@saylor) November 1, 2026
Source post on X: https://x.com/saylor/status/2116874067353469187?ref_src=twsrc%5Etfw
The post did not disclose how many coins Strategy may have acquired, nor did it confirm whether a transaction had been completed. The company typically teases purchases on Sundays and releases details on Mondays, generally through a filing with the U.S. Securities and Exchange Commission. Bitcoin was trading near $78,000 at the time, with the market still absorbing the $6.3 billion Binance hack disclosed on October 29.
Strategy's Recent Bitcoin Purchases
The company's buying pace has slowed in recent weeks. On October 19, Strategy purchased 267 Bitcoin, lifting its holdings to 848,517 coins as of October 25, according to its latest results. That purchase came alongside $193 million in buybacks of the company's variable-rate preferred stock, and Strategy raised its buyback limit for these securities from $2 billion to $3 billion.
Strategy released its latest financial results on October 29. They showed that its Bitcoin holdings have grown 26% since the start of 2026. During the third quarter, the company bought 7,218 Bitcoin for $588.1 million and sold 5,552 coins, leaving a net gain of 1,666 Bitcoin.
The company raised about $21.23 billion over the first ten months of the year, with the proceeds directed toward several corporate activities beyond Bitcoin purchases. It has historically funded its Bitcoin accumulation largely through capital raises spanning common stock, convertible notes and preferred shares, including the variable-rate preferred stock referenced in its recent buybacks.
Strategy reported record third-quarter operating income of $20.91 billion, most of which came from an accounting gain on its Bitcoin holdings. Net income reached $19.53 billion, up from $2.79 billion a year earlier.
"We're at the beginning of the next bitcoin bull market," Saylor said during the earnings announcement, pointing to institutional interest and Bitcoin's position above its 200-week moving average.
Bitcoin Price and ETF Outflows
Bitcoin traded at about $77,804 on Sunday, up 0.45% over 24 hours. The asset had dropped to around $76,100 following the October 29 Binance hack. Strategy's September 30 statement listed 847,666 Bitcoin at a total cost of $63.95 billion, an average of $75,437 per coin — roughly 3.1% below Sunday's price. That figure does not include October purchases.
U.S. spot Bitcoin ETFs, which began trading in January 2024, lost $643.2 million on October 30, according to Bitfinex, and ended the month with about $516 million in net outflows. BlackRock's iShares Bitcoin Trust, the largest spot Bitcoin fund by assets, saw $233.7 million in withdrawals that day, according to Farside Investors. Fidelity's Bitcoin fund lost $201 million, the ARK 21Shares fund lost $129.5 million, Grayscale's Bitcoin fund saw $53.3 million in outflows, and Bitwise's fund lost $25.7 million.
The day's selling erased $440.8 million in inflows from the previous four trading days. BlackRock's fund still ended October with about $932 million in net inflows. Bitfinex estimated that Bitcoin was trading 7.5% below the average ETF investor's cost. Those outflows set up a contrast with Strategy itself: while ETF investors were net sellers in October, the company's Bitcoin holdings have grown 26% since the start of 2026. The result is a split picture of institutional positioning, with the largest corporate holder continuing to add while fund investors pull back.
Strategy's variable-rate preferred stock closed Friday at $99.13, down 0.83%. The company holds $5.07 billion in dollar assets, which it says cover 3.4 years of dividend and interest payments.
If Strategy confirms a new purchase, the accompanying filing would show how many coins it bought, the price paid and how the transaction was funded.
