Crypto09 October, 20262 min read
Michael Saylor Signals Strategy Will Keep Buying Bitcoin After STRC Buybacks
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Strategy's STRC buybacks ended September; signals ongoing Bitcoin purchases Saylor posted 'There’s always room for more orange' signaling further BTC buys
Saylor teases more BTC
Michael Saylor posted on X, “There’s always room for more orange,” as investors waited for Strategy’s next formal update on Bitcoin purchases.
Strategy ended September by spending more than six times its weekly Bitcoin purchase budget on repurchases of one of its preferred stocks, and Strategy bought 334 Bitcoin (BTC) for $28.7 million between Sept. 28 and Oct. 4.
Strategy repurchased about 1.77 million shares of its STRC preferred stock for $176.3 million over the same Sept. 28 to Oct. 4 window, and the activity brought Strategy’s BTC holdings to exactly 848,000 BTC.
Strategy’s official notification via a filing with the U.S. Securities and Exchange Commission was not expected to arrive before Tuesday because federal offices were closed on Monday for the Columbus Day holiday.
Independent analyst Shanaka Anslem Perera said Strategy’s SEC filings “allocate 9.5% of the raise directly to bitcoin purchases,” while other disclosed uses included a dollar reserve, cash, dividends, and preferred-share buybacks.
Cash, buybacks, and timing
Strategy’s repurchases of STRC and its BTC buys in the same Sept. 28 to Oct. 4 period kept the focus on how quickly cash becomes Bitcoin exposure.
Cointelegraph reported that Strategy bought 334 Bitcoin (BTC) for $28.7 million between Sept. 28 and Oct. 4, and it repurchased about 1.77 million shares of its STRC preferred stock for $176.3 million.
Cointelegraph also quoted Perera saying, “Raising capital does not necessarily mean buying bitcoin,” as he argued that retained cash can fund later purchases.
BigGo Finance said Strategy’s pace of Bitcoin accumulation slowed in the third quarter, with holdings rising just 0.2% as purchases of 7,218 BTC were partly offset by the sale of 5,553 BTC.
BigGo Finance added that Strategy’s STRC shares traded around $99.53 after falling to roughly $75 in late June, as the preferred stock neared its $100 par value.
Regulatory filings and market
OKX extended a funding round at a reported $25 billion valuation, and the company did not disclose the amount raised in the extension.
OKX and Intercontinental Exchange filed with the U.S. Securities and Exchange Commission to launch a tokenized stock trading platform under the agency’s innovation exemption, and the filing and any launch timeline remained subject to regulatory review.
BigGo Finance said Strategy’s total Bitcoin holdings reached exactly 848,000 BTC, and it described the company’s STRC preferred-share repurchases as a major part of its capital allocation.
BigGo Finance also reported that Bitcoin briefly climbed above $87,000 last week before slipping below $83,000 on Wednesday, underscoring the fragility of momentum in the current rate environment.
BigGo Finance said Treasury yields were above 5% and cited Delphi Digital’s caution that Bitcoin’s climb was occurring “against real resistance,” referencing the Federal Reserve’s September rate hike and Treasury yields sitting at multi-decade highs.