Michael Saylor Hints at More Bitcoin Buying, Saying ‘There’s Always Room for More’

Strategy Chairman Michael Saylor has hinted at another Bitcoin purchase.

Cointelegraph reported on October 11 that Saylor wrote on X, "There's always room for more orange," referring to Bitcoin. The post was interpreted as a signal that Strategy may buy more Bitcoin. Because October 11 was Columbus Day, a US federal holiday, any official disclosure of a purchase may not appear until as early as October 13 in a filing with the US Securities and Exchange Commission.

Strategy bought 334 Bitcoin for about $28.7 million between September 28 and October 4. That lifted its total holdings to 848,000 BTC. Over the same period, the company spent about $176.3 million to repurchase about 1.77 million shares of its STRC preferred stock, more than six times its Bitcoin purchase amount.

Independent analyst Shanaka Anselm Perera said Strategy's fundraising does not automatically translate into Bitcoin purchases. Of the $5.41 billion the company raised through new share issuance in the third quarter, only 9.5% was used directly to buy Bitcoin. The rest was used to build cash reserves, pay dividends and repurchase preferred shares.

Perera added that the company still has capacity for further purchases. Fundraising does not necessarily mean immediate Bitcoin buying, but cash on hand could be used for future purchases, he wrote. Strengthening the balance sheet itself is also positive for shareholders.

Strive, another corporate Bitcoin holder, also hinted at a possible additional purchase. Chief Executive Officer Matt Cole shared a chart of Bitcoin purchases similar to Saylor's post and wrote, "Think ₿igger." Market participants have raised the possibility that Strive could also disclose another Bitcoin purchase this week.