Michael Saylor rekindles expectations around Strategy’s purchases as the market goes through a new phase of decline. On November 15, the leader published a chart suggesting that the company c
Michael Saylor rekindles expectations around Strategy’s purchases as the market goes through a new phase of decline. On November 15, the leader published a chart suggesting that the company could take advantage of the pullback to strengthen its bitcoin reserve. This publication comes at a sensitive time, as the value of its holdings remains below the acquisition cost. Meanwhile, Strategy highlights the performance of its preferred shares in a fragile and now highly volatile market as well.
On November 15, Michael Saylor, founder and executive chairman of Strategy Inc., shared on X a chart from SaylorTracker.com. This site tracks the company’s reserves and purchases. The visual presents 121 orange circles, associated with operations carried out at different prices. In the caption, Saylor wrote: “This drop could really use some orange.” This phrase suggests that Strategy might continue its acquisitions in the coming days.
A week earlier, Saylor had published a similar chart, with the words “Connecting the dots.” Strategy then announced the purchase of 1,036 bitcoins between November 2 and 8. The company spent 81.9 million dollars on this operation, according to the group. Its reserve reached 850,364 BTC, with an average price of 79,012 dollars for this batch. The group financed the operation through sales of common shares and 188.3 million dollars in STRC buybacks.
Matt Cole, CEO of Strive, commented on the market on November 15. On X, he said that bitcoin was cheap and that his company wanted more. This position accompanies Saylor’s, without confirming a forthcoming purchase. Saylor did not disclose any amount, date, or volume.
Start your crypto adventure safely with MEXCThis link uses an affiliate program.
The chart valued Strategy’s holdings at 55.7 billion dollars. This amount remains below the reported acquisition cost, which reached 64.16 billion in the November 9 filing. The gap represents about 8.46 billion dollars in unrealized loss. The document set the average price at 75,456 dollars per bitcoin, including fees. The market value thus follows price fluctuations.
Another snapshot reported an accounting loss of about 7.2 billion dollars. The difference with the chart comes from valuations taken at different times. With 850,364 units, every 1,000 dollar variation changes the reserve’s value by about 850 million. The tracker showed a loss of 13.50%, or 8.69 billion. Holdings represent about 4.05% of the maximum supply of 21 million bitcoin.
As of November 8, Strategy held 4.77 billion dollars to pay dividends on its preferred shares and interest on its debt. It also had 146.2 million dollars in cash. These amounts shed light on its means, without confirming a new bitcoin purchase. On November 15 at 1:34 UTC, the price was 62,479 dollars, down 8.48% over twenty-four hours, 16.27% over a week, 22.77% over a month, and 33.05% over a year.
On November 14, Saylor highlighted STRC, the preferred share nicknamed “Stretch.” According to his comparison, this stock showed a monthly return of 1%, dividends included, while bitcoin fell by 17.3%. The data went up to November 13 and accounted for distributions without reinvestment. The two assets have different mechanisms. STRC distributions depend on company funding, while its price evolves independently of bitcoin.
Strategy was also facing a decision regarding the MSCI USA index, which includes large and mid-sized American companies. Funds that follow this index may sell securities during adjustments. Strategy indicated that funds linked to MSCI held about 13 million of its shares, or 3.1% of common shares. This exposure makes the revision important for MSTR, not alone determining its evolution.
The November review placed Strategy’s Class A shares among the 24 stocks removed from the USA index. The measure concerns common shares listed under the symbol MSTR. Changes must take effect after the close on November 30, subject to adjustments. This deadline matters, as its bitcoin reserve remains below its cost.
The follow-up will depend on future communications from Strategy and market evolution. Saylor’s public message suggests renewed interest in buying but does not yet constitute a firm announcement. If the company confirms an operation, it will have to specify the amount and financing. Investors will watch the reserve, STRC, and the removal from MSCI USA.
