Michael Saylor hinted at another Strategy bitcoin purchase on Nov. 1 after declaring a new bitcoin bull market. His chart showed 848,517 BTC, and the company bought no bitcoin the previous week.
Strategy Inc. Founder and Executive Chairman Michael Saylor signaled a possible expansion of the company's bitcoin treasury on Nov. 1. Sharing a chart of its acquisition history on X, he wrote: "We found room for even more orange." The graphic displayed 848,517 BTC, valued at approximately $66 billion.
The chart listed 119 purchase events and an average cost of $75,446 per coin. Its balance matched the company's disclosed holdings as of Oct. 25, so the message works as a buying signal rather than confirmation of a new acquisition.
Saylor calls the start of a bull market
The hint followed Saylor's assessment in Strategy's Oct. 29 earnings announcement, where he said bitcoin was at the beginning of the next bitcoin bull market. He cited growing acceptance among banks, renewed institutional demand and bitcoin's increasing dominance among digital assets. He said the price stood 21% above its 200-week moving average.
Strategy reported record quarterly operating income of $20.91 billion and diluted earnings of $44.75 per share. Revenue declined 3% from a year earlier to $125.4 million.
According to its third-quarter financial results, holdings increased 26% year to date. BTC Yield, which measures changes in bitcoin per assumed diluted share, was negative 3.7%.
A week of preferred stock buybacks
Strategy's Oct. 26 SEC filing showed it neither bought nor sold bitcoin during Oct. 19-25. The company instead spent $204.9 million on STRC repurchases, covering 2,068,459 shares of its variable-rate Stretch preferred stock.
A similar hint came before. On Oct. 11, Saylor's chart showed 848,000 BTC, and Strategy disclosed a purchase of 250 BTC for approximately $21.5 million the following day.
At the disclosed balance, Strategy holds approximately 4.04% of bitcoin's maximum supply of 21 million coins. BTC is trading at $77,924 at the time of the source's writing.
Source: Bitcoin News
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