Michael Saylor Teases More Bitcoin (BTC) Purchases With Strategy Hoard at 848,250

“We Found Room for More Orange”

Strategy remains the largest corporate holder of Bitcoin (BTC), and founder Michael Saylor used a Saturday post to signal that the buying has more room to run. He published a chart update on X on October 18 captioned “We found room for more orange,” the recurring format in which every completed purchase on the company’s books carries an orange marker. The graphic functions as a standing teaser for the next acquisition, and it landed alongside a refresh of the corporate dashboard: by mid-October 2026 the company controls 848,250 BTC, equal to 4.04% of total global supply. That hoard, in practice a corporate strategic Bitcoin reserve, is currently valued at $69.45 billion. It was assembled at an average purchase price of $75,444 per coin, which leaves Strategy sitting on an unrealized profit of 8.15% and year-to-date portfolio growth of 26.1%. Saylor’s messaging keeps the company squarely inside the Bitcoin maximalism tradition of permanent accumulation, in which coins are bought through drawdowns rather than traded around them. The declaration of intent arrives while the Bitcoin (BTC) price trades near $81,057, down about 0.5% over the past 24 hours, a level that leaves the reserve’s average cost basis roughly $5,600 below spot. For a balance sheet of this size, the arithmetic of another buy is simple: more than 4% of a capped 21 million coin supply already belongs to one company, and the chart says the company wants a larger share of what is left.

@saylor · X post

A chart update on X.

View on X

STRC Buyback Outpaces Coin Purchases

October’s operating reports, though, tell a more complicated story about how the money moves. Over the reporting week the company bought just 250 Bitcoin (BTC), about $21.5 million, an annual low for direct purchases. The slowdown tracks a reallocation inside Strategy’s own debt structure: $192.4 million went to repurchasing its Series STRC preferred shares, whose yield has jumped to 12.31%. Management judged that trimming the future dividend burden took priority over adding to the coin position at current levels. Alongside that, the company keeps a $5.5 billion cushion in dollar instruments to maintain operational stability. Liquidity management would be delicate under any circumstances, and it is sharpened by an infrastructure problem: MSCI, the global index provider, has updated its selection criteria, and Strategy now faces exclusion from global investment benchmarks because the Bitcoin on its balance sheet has eclipsed its core software business entirely. MSCI’s official decision is expected on November 11, 2026, and analysts at JPMorgan estimate that passive ETF capital could be forced out of MSTR shares to the tune of $2.8 billion. Investors did not wait for the verdict. The shares sold off preemptively, falling 9.56% to $136.83, and current quotes already price a discount to net asset value, with the basic MNAV ratio slipping to 0.83x. That leaves the company holding its status as the largest corporate Bitcoin (BTC) holder while the pace of filling the vault is now bound to debt-service costs and the November benchmark ruling.

Whatever the benchmark ruling, the chart post rests on a long-horizon HODL commitment rather than market timing, and our own market data shows what that commitment would buy into. Spot trades at $81,057, bracketed by a near-perfect support band at $80,760 (scored 98 out of 100) and the nearest resistance at $82,086 (91 out of 100), with the trend classified as sideways in our current technical analysis. Derivatives positioning is quiet: a funding rate of 0.0030% and open interest near $15.7 billion point to leverage that is not stretched in either direction. Our weekend review had also flagged the $82,500 weekly-close hurdle, a level that still caps the tape above spot. The number that can redraw the picture is November 11: a confirmed MSCI exclusion, carrying JPMorgan’s estimated $2.8 billion of forced passive selling, would transmit pressure through MSTR to the coin itself, while a reprieve removes it. Bulls who expect a stronger finish, such as the Bitwise research chief who sees Bitcoin topping $100,000 by year-end, would need that ruling to go Strategy’s way.