Strategy executive chairman Michael Saylor has hinted at another potential Bitcoin purchase after sharing his familiar accumulation chart on Sunday, November 8, as BTC struggles to recover above $76,000.
Summary
- Michael Saylor shared his familiar Bitcoin accumulation chart, raising expectations of another Strategy acquisition announcement.
- Strategy last acquired 811 BTC for $65.5 million, bringing total reported holdings to 849,327 Bitcoin.
- The November 2 purchase used MSTR stock sale proceeds, while cash financed separate STRC repurchases.
- STRC closed Friday at $99.84 as Saylor outlined the financial history behind Strategy’s digital credit.
- Bitcoin traded near $75,900, slightly above Strategy’s overall average purchase cost of $75,451 per coin.
In an X post, Saylor wrote, “Connecting the dots,” alongside a link to his Bitcoin tracking chart. He has frequently shared similar updates ahead of Strategy’s Monday acquisition disclosures, although the latest message did not specify whether the company had purchased more Bitcoin or how much it might have spent.
The post followed Strategy’s November 2 announcement of an 811 BTC purchase and a separate $208.2 million repurchase of its STRC preferred shares. The company held 849,327 BTC as of November 1, making its next financing and acquisition update another closely watched event.
Michael Saylor Signals Possible Bitcoin Purchase on Monday
Saylor’s latest message follows a familiar pattern in which he shares Strategy’s Bitcoin accumulation chart before the company reports its weekly treasury activity.
The company typically publishes acquisition details in a Form 8-K filed with the U.S. Securities and Exchange Commission. Previous disclosures have identified the number of bitcoins purchased, their average acquisition price and the financing arrangements used.
On November 2, crypto.news reported Strategy’s latest purchase after the company returned to Bitcoin accumulation following a week without new acquisitions.
Strategy purchased 811 BTC between October 26 and November 1 for approximately $65.5 million, paying an average of $80,846 per coin, including fees and expenses.
Its holdings subsequently reached 849,327 BTC, acquired for an aggregate $64.08 billion. The company’s overall average purchase price stood at $75,451 per Bitcoin.
Sunday’s post provided no updated holdings figure. A new acquisition would require confirmation through Strategy’s next official disclosure, which could identify purchases completed since November 1.
Strategy’s Previous Bitcoin Buy Was Funded by MSTR Shares
According to Strategy’s November 2 SEC filing, the company sold 1,178,552 MSTR common shares through its at-the-market offering program during the previous reporting period.
The transactions generated $164 million in net proceeds, of which $65.5 million funded the Bitcoin purchase. Another $98.5 million was allocated to the company’s cash balance.
Strategy reported no preferred-share sales during that period. Its separate repurchase program acquired 2,092,035 STRC preferred shares for $208.2 million using existing dollar-denominated cash.
The company ended November 1 with approximately $4.79 billion in its designated dollar reserve and $132.7 million in separate cash holdings.
Strategy’s financing structure gives management several options when purchasing Bitcoin, including selling common shares and issuing preferred securities. However, any new financing activity would need to be confirmed in the relevant reporting period.
A potential purchase would attract attention to the company’s market-value-to-net-asset-value ratio, or mNAV, which compares its equity valuation with the value of its underlying Bitcoin holdings under the company’s methodology.
Strategy’s official dashboard recently placed the ratio near 1.12 times. Its November 6 common-stock closing price stood at $128.93.
STRC Stock Closes at $99.84 as Saylor Discusses Digital Credit
Saylor’s latest Bitcoin message came after he published a separate discussion explaining the financial structures behind Strategy’s preferred-stock products.
In his November 7 post, he described how common stock, preferred shares, securities regulation and Bitcoin had contributed to the development of what he calls digital credit.
“Digital credit took four centuries to make possible,” Saylor wrote while discussing Strategy’s Stretch preferred shares, which trade on Nasdaq under the ticker STRC.
According to Google Finance, STRC closed at $99.84 on Friday, November 6, gaining 0.38% during the session. The security traded between $99.50 and $99.84, with volume around 1.61 million shares.
STRC uses a variable monthly dividend-rate policy designed to encourage trading around its $100 stated amount. Its dividend structure differs from MSTR common stock, which gives shareholders residual exposure to Strategy’s business and Bitcoin holdings.
Saylor explained that the company can issue preferred shares to raise capital or repurchase them to reduce outstanding dividend obligations.
Bitcoin Price Remains Below Strategy’s Latest Purchase Cost
Bitcoin traded around $75,900 on November 8, leaving its market price below Strategy’s most recent average acquisition cost of $80,846.
The latest price was nevertheless close to the company’s overall average purchase cost of $75,451, according to the November 2 filing.
Bitcoin’s recovery has been limited by selling pressure across cryptocurrency markets and continued withdrawals from U.S. spot Bitcoin exchange-traded funds.
A November 7 Bitcoin market assessment recorded approximately $1.28 billion in net ETF withdrawals during November 2–6, including $411.9 million on Friday.
Strategy’s financing outlook faces another scheduled event on November 11, when MSCI is expected to announce its index review decisions.
The potential index exclusion decision concerns whether companies with substantial digital-asset treasury exposure should remain eligible for certain equity indexes.
Strategy previously estimated that relevant index-tracking funds held approximately 13 million MSTR shares, representing 3.1% of its basic outstanding shares.
