Michael Saylor says there is always room for more orange, buys 250 BTC

Strategy, the Bitcoin treasury firm led by Michael Saylor, has bought another 250 BTC and repurchased $192 million of its STRC preferred stock. Saylor announced it in a post on X on Monday.

As of Oct. 11, the company holds 848,250 BTC and $5.5 billion in USD assets. The latest buy is small by Strategy's standards, and constitutes about 0.03% of its total holdings.

At the $82,252 Bitcoin price used in the company's credit metrics, 250 BTC is worth roughly $20.6 million, while the full stack comes to about $69.8 billion.

Saylor continues to hint at Strategy’s Bitcoin acquisitions. A familiar chart of orange dots on his X Sunday signalled another potential purchase.

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Preferred buyback outweighs Bitcoin buy

Most of the money went to buying back STRC, a type of preferred stock Strategy sold to investors. The company spent $192 million on that buyback, about ten times the $21.5 million it paid for the Bitcoin. Strategy also says it has $5.5 billion in cash and other dollar holdings set aside.

Saylor also shared new risk figures in a second post. Strategy’s dollar reserves have a duration of 3.5 years, and its estimate of the credit risk on STRC is 0.52%. Those figures assume Bitcoin grows 10% a year, has 40% volatility and is priced at $82,252.

Part of a longer pattern

Strategy has built its position through years of steady purchases, typically funded by selling equity and preferred securities.

Buying has been uneven this year. Strategy sold 6,916 BTC across four transactions between June 30 and August 10.

The STRC repurchase suggests the company is also actively managing the funding side of the balance sheet, not only adding coins.

With Saylor’s latest announcement, investors will now watch whether Strategy keeps pairing Bitcoin buys with preferred repurchases in the coming weeks.

Related: Michael Saylor calls it a Bitcoin 'gold rush,' sees $120 trillion upside