Saylor hints at new Strategy Bitcoin buy as ETFs lose $643.2M
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Michael Saylor’s Sunday post on X has set off another round of speculation about Strategy’s Bitcoin buying, with the executive chairman sharing his customary orange accumulation chart on November 1. “We found room for even more orange,” Saylor wrote, per Blockonomi. The post gave no coin count and did not confirm a completed trade.
The timing follows Saylor’s established pattern of teasing on Sundays and disclosing on Mondays. It lands after a weak stretch for fund demand: U.S. spot Bitcoin ETFs shed $643.2 million on October 30 and closed October about $516 million in net outflows, according to Bitfinex.
Key facts
- Strategy held 848,517 BTC as of October 25, 2026, per its latest results, after a 267 BTC purchase on October 19.
- Bitcoin traded near $77,804 on Sunday, about 3.1% above Strategy’s September 30 average cost of $75,437 per coin.
- BlackRock’s IBIT accounted for $233.7 million of October 30 outflows, Fidelity’s FBTC $201 million and ARK 21Shares’ ARKB $129.5 million, per Farside Investors.
- Strategy’s variable-rate preferred stock STRC closed Friday at $99.13, down 0.83%.
- Strategy reported 26% growth in Bitcoin holdings since the start of 2026.
Quiet accumulation and a shift to buybacks
Strategy’s buying has slowed. The October 19 purchase came alongside $193 million in repurchases of its variable-rate preferred stock, and the company lifted the buyback ceiling for those securities from $2 billion to $3 billion. Figures reported by Cointribune put the buyback at $204.9 million across 2,068,459 STRC shares, and note that between October 19 and 25 the company neither bought nor sold Bitcoin. The outlet also reported that Strategy’s BTC yield measure showed a negative 3.7% for the year as of that period.
The source reports also differ on the average cost figure. Blockonomi and crypto.news both cite $75,437 per coin from the September 30 statement covering 847,666 BTC at a total cost of $63.95 billion, while Cointribune’s chart reading gives $75,446 across 119 acquisitions. Blockonomi’s price comparison and crypto.news’ comparison both use the September figure.
The company’s third-quarter results, released October 29, showed purchases of 7,218 BTC for $588.1 million and sales of 5,552 coins, a net addition of 1,666 BTC, as reported by crypto.news. Strategy raised about $21.23 billion in the first ten months of 2026, money that went to several corporate activities beyond Bitcoin purchases.
Earnings boosted by an accounting gain
Strategy posted record third-quarter operating income of $20.91 billion, largely from an accounting gain on its holdings, and net income of $19.53 billion against $2.79 billion a year earlier. During the earnings call, Saylor said the company was at the start of a new Bitcoin bull market, pointing to institutional interest and the price’s position above its 200-week moving average, a technical level crypto.news and Cointribune both reported he referenced.
On the fund side, the October 30 selling erased $440.8 million of inflows from the previous four trading days. BlackRock’s fund still ended October with roughly $932 million in net inflows, and Bitfinex estimated Bitcoin was trading 7.5% below the average ETF investor’s cost basis.
Strategy’s dollar assets stood at $5.07 billion, which the company said cover 3.4 years of dividend and interest payments.
Why it matters
The contrast is the story: a corporate treasury signalling fresh demand while the ETF channel leaks capital. Because Strategy discloses purchases on Mondays, a filing would settle whether the company resumed buying at size after October’s price decline and, if so, at what price and with what funding. That matters to shareholders in a company whose earnings are now driven mainly by gains on its coins, and to ETF investors whose funds collectively sit below their average entry.
What to watch
The next disclosure from Strategy is the immediate trigger; a filing would list the coins acquired, the price paid and the financing used. Beyond that, crypto.news reported that Strategy’s Bitcoin plan faces a November 11 index decision, a date investors have flagged.
This article is not financial advice. Bitcoin prices are volatile and can move sharply in either direction.
Disclaimer: This article is for information only and is not investment, financial or trading advice. Cryptocurrency prices are highly volatile. Always do your own research.
Sources: Blockonomi, crypto.news, Cointribune
