Saylor Teases New Strategy Bitcoin Purchases After September Ended With STRC Buybacks

Strategy chair Michael Saylor hinted at fresh Bitcoin purchases over the weekend, telling investors watching Sunday for a signal of the company’s recent acquisitions that “There’s always room for more orange” in a post on X.

Any official confirmation through the 8-K filings Strategy customarily uses to disclose its weekly purchases is unlikely to arrive before Tuesday, as federal offices will be closed on Monday for the Columbus Day holiday.

September spending tilted toward buybacks

Strategy closed out September by devoting more than six times its weekly Bitcoin ($BTC) purchasing budget to repurchases of one of its preferred stocks. Between Sept. 28 and Oct. 4, the company bought 334 Bitcoin ($BTC) for $28.7 million, lifting its total holdings to exactly 848,000 $BTC, according to an 8-K form filed with the SEC on Oct. 5. That total stands as the largest Bitcoin treasury held by any publicly traded company.

Over the same period, Strategy repurchased roughly 1.77 million shares of its STRC preferred stock for $176.3 million. Retiring preferred shares shrinks the outstanding count on which the company pays dividends.

Raising cash now, buying Bitcoin later

Strategy’s recent moves could be read as a sign that management is building up cash now with the option 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.

In his monthly newsletter on Bitcoin and crypto, Perera wrote that Strategy’s SEC filings “allocate 9.5% of the 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. Bitcoin per share — a company’s holdings divided by its shares outstanding — is a commonly cited yardstick for comparing Bitcoin treasury firms.

“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.”

Attention now turns to Strategy’s next 8-K filing, which would confirm whether Saylor’s weekend teaser preceded fresh acquisitions and disclose any additional STRC buybacks.