Bitcoin could return to the forefront at Strategy
Michael Saylor’s signal comes after an unusual stretch. Strategy neither bought nor sold any Bitcoin over the past two weeks, instead using its capital to support STRC, its floating-rate preferred stock. Bref Crypto had already reported that the company allocated $176.3 million to repurchasing STRC in early September, rather than adding new BTC.
The following week, Strategy continued in the same direction, allocating an additional $139.3 million to repurchase 1.42 million STRC shares. As of September 13, its Bitcoin reserve therefore remained at 845,050 BTC. Its total acquisition cost reached approximately $63.73 billion, or $75,412 per bitcoin.
Sunday’s post nevertheless changed the tone. Saylor shared his accumulation chart with the phrase “A little more orange,” with orange representing Bitcoin purchases in the visualization. The post does not constitute a regulatory disclosure, but Saylor regularly uses this type of message ahead of Strategy’s weekly announcements.
In late August, his “We’re back” message had preceded the announcement of a purchase of 4,603 BTC for $369.7 million, at an average price of $80,318.
845,050 BTC and several billion dollars still available
Strategy has enough liquidity to resume buying without necessarily having to immediately draw on the reserve earmarked for its financial obligations.
As of September 13, the company held $5.1 billion in its USD reserve and approximately $1.3 billion in USD Cash, representing nearly $6.4 billion in dollar-denominated assets. This second pool can notably fund Bitcoin purchases, security repurchases or bolster the reserve.
This flexibility has become central to Strategy’s new model. The company no longer simply follows the formula “raise capital, buy BTC, repeat.” It now balances Bitcoin, its dollar reserve, MSTR and its various classes of preferred stock.
Bref Crypto also showed in early September that Strategy had sold 6,916 BTC at around $62,500 before buying back 4,603 at $80,318. The operation appears surprising when viewed solely through the lens of BTC’s price, but CEO Phong Le defended it as a capital management decision.
The potential return to buying also comes as Bitcoin has just recovered the $80,000 area. Strategy paid an average of $80,318 for its latest acquisition. If a new purchase is confirmed, Saylor would therefore show that the company remains prepared to accumulate at similar levels, despite the price being above its historical average cost.
The next 8-K will reveal whether Strategy bought Bitcoin
For now, however, the key piece of information is missing: how much?
Saylor’s post provides neither an amount, a purchase period nor an average price. It does not even legally prove that a transaction has already been completed. The latest official document keeps Strategy’s reserves at 845,050 BTC. Strategy’s next filing with the SEC will confirm any potential acquisition.
The implications nevertheless extend beyond Strategy. Publicly listed companies specializing in Bitcoin treasuries have sharply slowed their accumulation in recent months. After becoming one of the main sources of institutional demand in 2025, they have added a much smaller amount of BTC recently.
A return by the world’s largest corporate buyer would therefore be closely watched. With 845,050 BTC, Strategy already controls more than 4% of the theoretical 21 million bitcoin cap. Its latest purchase alone absorbed 4,603 BTC, equivalent to several weeks of miners’ new issuance.
The next disclosure will show whether “A little more orange” signals a small symbolic transaction or a genuine resumption of accumulation.
Saylor had already used the same method in late August: a Sunday message, followed by the figures.
This time again, Saylor is suggesting that Bitcoin could return to the center of Strategy’s capital allocation decisions. The next 8-K will show whether a purchase actually took place, and for what amount.
