TLDR
- Michael Saylor posted his orange chart on Sunday with the line “We found room for even more orange,” a pattern that has come before Monday purchase reports.
- Strategy held 848,517 BTC as of Oct. 25, up 26% year to date, with an average cost near $75,446 per coin.
- Bitcoin traded near $77,804 on Sunday, about 3% above Strategy’s average cost.
- U.S. spot Bitcoin ETFs lost $643.2 million on Oct. 30, leaving October with about $516 million in net outflows.
- Strategy reported record third-quarter operating income of $20.91 billion, mostly from an accounting gain on its Bitcoin.
Strategy (MSTR) is back in the spotlight after executive chairman Michael Saylor posted another orange-themed chart on Sunday. The post came as Bitcoin traded near $77,804, up 0.45% over 24 hours. No MSTR stock price was given in the reports.
Saylor wrote, “We found room for even more orange.” The chart showed 848,517 BTC, worth about $66 billion, and 119 purchase events.
We found room for even more orange. pic.twitter.com/Pim20wkhrN
— Michael Saylor (@saylor) November 1, 2026
The post does not confirm a new purchase. It follows a habit of Sunday hints and Monday disclosures. An Oct. 11 hint was followed by a 250 BTC purchase the next day.
Strategy did not buy or sell Bitcoin during Oct. 19 to 25, according to its SEC filing. Its last purchase was 267 BTC on Oct. 19. That one came alongside $193 million in repurchases of STRC preferred shares.
Third-quarter results and the bull market call
Strategy released its results on Oct. 29. Operating income hit a record $20.91 billion, almost all of it from digital asset gains. Net income was $19.53 billion, compared with $2.79 billion a year earlier.
Diluted earnings came to $44.75 per share. Revenue fell 3% from a year ago to $125.4 million.
Saylor told investors, “We’re at the beginning of the next bitcoin bull market.” He pointed to bank acceptance, renewed institutional demand and Bitcoin’s price sitting above its 200-week moving average.
Holdings have grown 26% this year, with Bitcoin purchases totaling $14.33 billion through Oct. 25. BTC Yield, which tracks Bitcoin per diluted share, was negative 3.7%. In plain terms, the coin count grew more slowly than the share count.
In the third quarter, Strategy bought 7,218 BTC for $588.1 million and sold 5,552 BTC. That left a net gain of 1,666 coins. The company raised about $21.23 billion in the first ten months of the year, and some of it went to uses other than Bitcoin.
Bitcoin price and ETF flows
Bitcoin fell to around $76,100 after the Oct. 29 Binance hack. It had struggled to stay above $80,000 earlier in the week. The price is still below levels seen before the incident.
Strategy’s Sept. 30 filing listed 847,666 BTC at a total cost of $63.95 billion, or $75,437 per coin. At Sunday’s price, Bitcoin sat roughly 3.1% above that average. That figure predates the October purchases.
Fund flows tell a different story from Saylor’s tone. U.S. spot Bitcoin ETFs lost $643.2 million on Oct. 30, according to Bitfinex. That wiped out the $440.8 million gained over the prior four sessions.
BlackRock’s IBIT led the withdrawals at $233.7 million. Fidelity’s FBTC lost $201 million, and ARKB lost $129.5 million. Grayscale’s GBTC and Bitwise’s BITB lost $53.3 million and $25.7 million.
IBIT still ended October with about $932 million in net inflows. Bitfinex estimates Bitcoin trades 7.5% below the average ETF investor cost basis.
STRC and cash reserves
STRC, the company’s variable-rate preferred stock, closed Friday at $99.13, down 0.83%. Strategy repurchased about $2.04 billion of STRC in total, per its Oct. 29 results.
The week of Oct. 19 to 25 included $204.9 million in STRC buybacks, covering 2,068,459 shares. The company held $242.4 million in cash for Bitcoin and other uses, plus a separate $4.83 billion reserve for preferred dividends and debt interest.
At its disclosed balance, Strategy holds about 4.04% of Bitcoin’s 21 million coin supply. If a purchase is confirmed Monday, the filing would show the coins bought, the price paid and how it was funded. Bitcoin was trading at $77,924 at the time of the latest report.
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