Michael Saylor, Chairman and CEO of Strategy, ignited speculation of a potential new round of Bitcoin purchases by tweeting, “More orange than ever.” This phrase, echoing his underlying bullish stance, suggests that the company might have completed another significant Bitcoin acquisition. Saylor’s tweets often preceded formal notifications to the U.S. Securities and Exchange Commission (SEC) in the past.
Speculation of New Bitcoin Purchase Surges
Saylor’s cryptic comment is directly linked to a chart from the October 4, 2026 data of StrategyTracker, which highlighted that the company’s Bitcoin buying signals had reached unprecedented levels. His past social media activity frequently aligned with major company moves reported to regulatory bodies.
Michael Saylor cryptically described the company’s stance as “More orange than ever,” hinting at another substantial acquisition.
Consequently, market participants are eagerly monitoring regulatory filings for confirmations of any recent Bitcoin additions to Strategy’s balance sheet. The exact magnitude of such potential purchases will become clear only with forthcoming formal disclosures.
Portfolio Tops 847,000 BTC, Firm Remains a Leader
According to BitcoinTreasuriesNET, Strategy’s Bitcoin holdings have now surpassed 847,666 BTC, equating to approximately 4.04% of the total Bitcoin in circulation. The company’s cumulative investment has reached $63.95 billion, averaging $75,442.45 per bitcoin.
At current market valuations, the total value of these reserves stands at $72.20 billion, representing an unrealized net gain exceeding $8.25 billion. The portfolio has grown by 26.05% since the start of the year, with a total addition of 175,169 BTC. Recent acquisitions appear to have been made close to the company’s average cost.
Strategy holds the largest Bitcoin reserve among corporate entities, with 847,666 BTC.
Equity Premium and Unique Debt Model Attract Attention
Saylor’s optimistic “more orange” outlook is reflected in the market valuation of Strategy’s shares, which trade at a 14% premium over the company’s net crypto reserve value. With a market NAV (mNAV) multiplier of 1.14, each diluted share effectively represents 0.001972 BTC.
Wall Street’s acceptance of this premium is partly due to Strategy’s unique debt structure, known as the Digital Credit Stack. Under this model, the firm issues specific bonds—coded as STRC, STRD, STRF, and STRK—to raise liquidity, with these instruments collectively valued at $12.68 billion, offering fixed annual yields between 9.00% and 13.63%.
Mini glossary: mNAV is a multiplier that shows the ratio of a company’s market value to its net asset value. The Digital Credit Stack refers to Strategy’s financing structure, which raises capital through short- and long-term fixed-yield debt instruments.
Citi’s Optimism Drives $240 Target Price
Citigroup analysts recently set a target price of $240 per MSTR share, citing the company’s effective balance sheet management and its capital structure heavily centered on Bitcoin.
However, the precise scope of the purchase hinted at in Saylor’s recent comments has yet to be revealed. Upcoming regulatory filings are expected to provide clarity on the scale of Bitcoin that Strategy has potentially added in recent weeks.
