Orange Markers Point to More Bitcoin Buying
Michael Saylor, founder and executive chairman of bitcoin treasury company Strategy Inc. (Nasdaq: MSTR), hinted at further purchases on Nov. 15 as bitcoin fell sharply. He shared a chart from SaylorTracker.com, which tracks the company’s holdings and purchases. Orange circles marked 121 purchase events against the cryptocurrency’s price.
In a message accompanying the purchase chart on X, Saylor wrote:
“This dip could use a little orange.”
A week earlier, he shared a similar chart with the caption “Connecting the dots.” Strategy later disclosed that it had bought another 1,036 bitcoin for approximately $81.9 million during Nov. 2-8. The purchase brought its reported holdings to 850,364 BTC, with the latest batch acquired at an average price of $79,012. The purchases and $188.3 million in STRC preferred-share repurchases were financed by sales of common stock.
Strive Chairman and CEO Matt Cole also indicated interest in buying on Nov. 15. In a statement on X about buying bitcoin during the decline, Cole wrote: “Bitcoin’s cheap, we want more.”
Reserve Valuation Shows Billions Below Cost
The image Saylor shared showed a bitcoin reserve valued at $55.7 billion, compared with Strategy’s disclosed acquisition cost of $64.16 billion. In its Nov. 9 filing, the company reported an average purchase price of $75,456 per bitcoin, including fees and expenses. The difference between that cost and the chart’s valuation amounts to an approximately $8.46 billion unrealized loss.
Earlier on Nov. 14, the company’s bitcoin position showed a paper loss of roughly $7.2 billion at a different price snapshot. At the disclosed holding level, each $1,000 move in bitcoin’s price changes the reserve’s market value by approximately $850 million. The tracker separately showed a loss of 13.50%, or $8.69 billion.
The holdings amount to about 4.05% of bitcoin’s maximum supply of 21 million. As of Nov. 8, Strategy had a $4.77 billion reserve designated for preferred-stock dividends and debt interest, as well as $146.2 million in separate cash.
Bitcoin traded at $62,479, down 8.48% in 24 hours, 16.27% over one week, 22.77% over one month and 33.05% over one year, according to Bitcoin.com Markets data updated at 1:34 a.m. UTC on Nov. 15.
Preferred Shares Gain Ahead of Index Removal
A day before hinting at more purchases, Saylor highlighted gains from Strategy’s preferred stock, STRC, also known as Stretch. His comparison showed a monthly return of 1%, including dividends, while bitcoin fell 17.3%. The figures used data through Nov. 13 and counted payouts without assuming reinvestment. Preferred-share payouts depend on company funding, and STRC’s market price can move independently of bitcoin.
Meanwhile, Strategy faced removal from the MSCI USA Index, which tracks large and midsize U.S. companies. Funds that follow the benchmark could sell shares as they adjusted their portfolios. Strategy had previously said that MSCI-linked funds held approximately 13 million shares, or 3.1% of its basic shares outstanding.
MSCI’s index review results named Strategy’s Class A stock among 24 USA Index deletions. The deletion applies to its publicly traded common shares, which trade under the MSTR ticker. The changes take effect after the Nov. 30 close, subject to adjustments before implementation.
