Market attention is focused on whether Strategy bought additional bitcoin in the first week of October.

On Oct. 11 (local time), blockchain outlet Cointelegraph reported that Strategy Chairman Michael Saylor (마이클 세일러) posted on X, formerly Twitter, saying, "There’s always room for more orange," suggesting the possibility of a recent bitcoin purchase.

It is difficult to immediately confirm whether it actually bought bitcoin and, if so, how much. With U.S. federal agencies closed on Oct. 12 for Columbus Day, a U.S. Securities and Exchange Commission filing is unlikely to be released before Oct. 13. Investors have typically used Saylor’s weekend posts as clues to gauge whether Strategy bought bitcoin.

Based on its most recent filing, Strategy bought 334 bitcoin for $28.7 million from Sept. 28 to Oct. 4. That brought its total holdings to 848,000 BTC. Over the same period, the company repurchased about 1.77 million shares of its preferred stock STRC for $176.3 million. That means it spent more than six times as much on STRC repurchases as on bitcoin purchases.

This has led to differing interpretations over where its funding priorities have been. Some see Strategy as putting more weight on building cash and restructuring its capital structure than on buying bitcoin immediately. Others say the company could still deploy cash it has accumulated into bitcoin purchases later.

Crypto analyst Shanaka Anselm Perera (샤나카 안슬렘 페레라) noted that Strategy raised $5.41 billion in the third quarter through new issuance of common stock, but its bitcoin holdings increased by only 1,666 BTC compared with end-June. In a monthly newsletter, he cited SEC filings and said, "Strategy directly allocated 9.5 percent of the funds raised to bitcoin purchases." He added that filings also disclosed dollar reserves, cash, dividends and preferred share buybacks.

Perera said the metric shareholders should look at is not simply total bitcoin holdings. He said bitcoin per share is only part of the answer, and pointed out that cash and debt, as well as preferred shares, have claims ahead of common stock. He also said that even if it raised billions of dollars in the third quarter, raising capital does not necessarily mean buying bitcoin.

He said it cannot be concluded that it has stopped buying bitcoin. Perera said the company’s cash holdings could be used for future purchases, and assessed that steps to strengthen the balance sheet could also benefit shareholders.

In this situation, market attention is focused on when and at what pace Strategy converts the funds it raised into bitcoin. Saylor’s message raised expectations, but he said actual judgment will hinge on changes in holdings and details of spending to be disclosed in the next filing.

There’s always room for more orange. https://t.co/hndZf0Acp7