Has Strategy bought Bitcoin? Saylor reignites speculation

On November 8, Michael Saylor highlighted his company’s Bitcoin portfolio again, while the market is undergoing a strong correction. His chart now shows 849,327 BTC, valued at 64.44 billion dollars. This publication reignites questions about the timeline of upcoming purchases. However, it confirms no recent operation. To understand this signal, one must examine past acquisitions, available reserves, and the role of preferred shares in financing his overall strategy.

Saylor publishes a new chart of Strategy’s bitcoin purchases

The founder and executive chairman of Strategy Inc, listed on Nasdaq under the symbol MSTR, Michael Saylor, published this chart on X. The caption, “Connecting the dots,” accompanies a representation of purchases made since August 2020. The document records 849,327 bitcoins, for a total value of 64.44 billion dollars. This balance corresponds to the holdings communicated by the company the previous week.

The tracking SaylorTracker has counted 120 purchase operations since the launch of this policy. It estimates the average cost at 75,446 dollars per bitcoin. Orange circles indicate the different market entries, in relation to the price evolution. A green dashed line represents the average price paid. In its November 2 report, Strategy indicated an average of 75,451 dollars, fees and expenses included.

This publication recalls a similar message broadcast on November 1. Saylor had then shown a portfolio of 848,517 BTC, valued at about 66 billion dollars. The next day, the company confirmed the purchase of 811 bitcoins. However, a comparable chart does not systematically announce a new acquisition. On July 26, the executive shared a tracking before a week dedicated to STRC buybacks and strengthened dollar reserves, without purchasing bitcoins.

Strategy’s last purchase precedes the market correction

The last announced purchase covers the period from October 26 to November 1. Strategy acquired 811 BTC for about 65.5 million dollars, at an average price of 80,846 dollars per unit. This operation had increased the portfolio before Saylor’s new publication. It remains the last confirmed purchase move in the communicated information. The November 8 chart does not allow concluding that the company continued its acquisitions.

To finance this operation, ordinary share sales generated 164 million net dollars. The company allocated 65.5 million to bitcoin purchases and assigned the remaining 98.5 million to its treasury. This allocation shows that the funds raised are not all immediately used to increase the portfolio. Strategy also keeps cash to meet its financial needs. The figures describe several uses of capital over the same period.

The briefing intended for investors reports 208.2 million dollars of STRC buybacks. This variable-rate preferred security is commercially named “Stretch”. As of November 1, dollar assets reached about 4.92 billion. This total included a reserve of 4.79 billion and 132.7 million in separate treasury. The reserve covers preferred share dividends and debt interests, while the other balance covers general expenses.

Bitcoin portfolio valuation declines despite acquisitions

The portfolio value decreased, despite the increase in the number of bitcoins held. It was 64.44 billion dollars, compared to about 66 billion a week earlier. This difference reflects the price decline, not a reduction in the number of coins. With 849,327 BTC, a 1,000 dollar change in bitcoin modifies the market value by about 849.3 million. This calculation assumes the balance remains unchanged.

On November 5, Saylor commented on the financial market correction. He indicated a decrease of 4.4% for the S&P 500 and 5.5% for Nasdaq. Bitcoin had lost about 5% that day, according to the shared figures. In the same message, he highlighted STRC’s closing price at 99.56 dollars. This level was slightly below its nominal value of 100 dollars.

STRC had regained the 100 dollar threshold on November 4, after several months of buybacks. The company had also implemented daily dividend accumulation. These accrue every calendar day, including weekends and holidays. Payments generally occur on business days. This mechanism distinguishes dividend calculation from their effective payment and supports the security’s functioning.

The return of STRC to 100 dollars could support Strategy’s purchases

A lasting quote above 100 dollars could facilitate a new STRC issuance. Strategy would then have an additional lever to finance bitcoin purchases. However, this possibility depends on management decisions and market conditions. The return to the nominal threshold is neither an issuance announcement nor a purchase confirmation. It represents a factor to follow to assess available financing options.

On November 7, Saylor presented a history of bitcoin financing and his company’s model. He linked transferable shares, preferred securities, and securities issuance. These instruments grant their holders distinct rights of ownership and payment. Strategy thus combines a bitcoin reserve with multiple financing sources. This architecture distinguishes digital asset holding from obligations related to issued securities.

The initial Stretch offering ended in July 2025. It raised about 2.521 billion dollars before fees. According to available information, net proceeds financed the acquisition of 21,021 BTC. This example illustrates the link between preferred securities issuance and bitcoin accumulation. However, it does not allow presuming a similar operation will follow the November 8 publication.

The next figures will determine whether Michael Saylor has effectively restarted acquisitions. Meanwhile, Strategy’s portfolio remains exposed to bitcoin fluctuations, while STRC constitutes a potential financing tool. The company’s next official communication will therefore be decisive to distinguish a simple graphic publication from a true purchase resumption.