'We found room for even more orange': Michael Saylor's Strategy scoops up another 811 bitcoin for $65.5 million

Bitcoin Bitcoin (BTC) treasury company Strategy Strategy, Inc. (MSTR) picked up another 811 BTC for roughly $65.5 million at an average price of $80,846 per bitcoin between Oct. 26 and Nov. 1, according to an 8-K filing with the Securities and Exchange Commission on Monday.

As a result, Strategy's total holdings now stand at 849,327 BTC ($65.9 billion), acquired for a total cost of around $64.1 billion at an average price of $75,451 per bitcoin, and representing more than 4% of bitcoin's total supply cap.

The latest acquisitions used proceeds from at-the-market sales of Strategy's Class A common stock, MSTR, following a pause in acquisitions the week before. Strategy sold 1,178,552 MSTR shares for approximately $164 million during the period, with $18.62 billion worth of MSTR shares left available for issuance and sale under that ATM program, according to the filing.

Strategy also repurchased nearly 2.1 million STRC preferred shares last week for around $208.2 million, using its USD Cash reserve. The company also used $43.4 million from its USD Reserve to fund dividends on its preferred stock.

As of Nov. 1, Strategy's USD Reserve and USD Cash balances stood at $4.79 billion and $132.7 million, respectively, according to the firm.

Strategy reports $19.5 billion in Q3 net income

On Thursday, Strategy posted $19.5 billion in net income for the third quarter, up from $2.79 billion during the same quarter last year, with the rising value of its bitcoin holdings generating a $20.9 billion gain.

"We're at the beginning of the next bitcoin bull market," Executive Chairman Michael Saylor said at the time. "Banks are embracing bitcoin, bitcoin's dominance among digital assets is growing, institutional demand is back, and bitcoin price is 21% above its 200-week moving average. Digital Credit continues to grow, with $16 billion in notional value across ten publicly listed securities."

Meanwhile, Strategy said CFO Andrew Kang will step down on Nov. 5, with current COO Reza Virasteh set to take on the role in January.

Earlier in the week, STRC, STRF, STRK and STRD preferred shareholders approved a change allowing dividends to accrue daily, rather than on the previous fortnightly schedule, with the amendment receiving 99.3% of votes cast.

Analysts at StoneX and TD Cowen said Strategy is in a stronger position to buy more bitcoin after stabilizing its preferred-stock financing and improving its liquidity.

'We found room for even more orange'

Saylor posted another Strategy bitcoin acquisition tracker chart on Sunday, saying, "We found room for even more orange," indicating the latest acquisition announcement in advance of Monday's filing.

Strategy is the largest of 199 public companies that have some form of bitcoin treasury model. Metaplanet, Tether-backed Twenty One, Strive, and MARA represent the rest of the top five, with 44,000 BTC, 43,514 BTC, 43,000 BTC, and 35,577 BTC, respectively, according to Bitcoin Treasuries data.

Strategy's stock dropped 9.6% last week, closing at $130.51 on Friday, according to The Block's MSTR price page. Bitcoin fell 3.6% over the same period amid the record $6.3 billion Binance hack.