As the financial markets prepare for a new trading week, Michael Saylor has highlighted Strategy’s substantial Bitcoin treasury with a new chart posted on October 11, 2026, detailing 117 points of acquisition. Saylor reiterated his famous phrase, “There’s always more room for orange.” Strategy currently holds 848,000 BTC, a stockpile valued at approximately $70.48 billion, representing about 4.04% of the total circulating Bitcoin supply.
Technical Pressure on Financing Mechanism
Recently, Strategy’s primary fundraising mechanism, the STRC preferred shares, fell below the nominal value of $100 during the week from October 5 to October 9. Priced between $99.43 and $99.66, this fluctuation triggered internal financial policies, temporarily halting new share issues and consequently pausing Bitcoin acquisitions via STRC.
Strategy, under the leadership of Michael Saylor, is known for its expansive corporate treasury model focused on large-scale Bitcoin accumulation. Within this framework, a buyback mechanism automatically activates when certain securities dip below their nominal values.
STRC shares dropping below nominal value restricts new crypto asset acquisitions, compelling the company to repurchase discounted securities to support the price instead.
This mechanism resulted in zero Bitcoin acquisitions through the STRC channel during the referenced week, suggesting that the observed slowdown stemmed less from purchase reluctance and more from the financial vehicle’s technical constraints.
Maintaining Diverse Funding Channels
Despite the pressure on STRC, Strategy’s broader $12.69 billion funding structure remains operational. The firm continues to secure liquidity through various credit and securities channels, avoiding dependence on a single instrument. Saylor’s recent update indicates that preparations for the next acquisition wave remain intact.
While STRC was under strain, another security class, STRF, traded above nominal value, reaching $103.98 and becoming a key liquidity source. Indeed, Strategy recently purchased 334 BTC at $85,838 per coin, demonstrating versatility in funding beyond STRC.
The recent acquisition of 334 BTC shows the company can generate resources without relying solely on STRC.
Portfolio Costs and Current Valuation
Strategy’s entire Bitcoin portfolio holds an average acquisition cost of $75,436 per coin. With Bitcoin prices hovering above $83,000, the company’s holdings remain profitable on paper. Nevertheless, the market prices its net asset value at a slight discount, with an mNAV Basic multiplier calculated at 0.92x.
The company’s buyback obligations partially offset this discount’s impact. When security prices fall below nominal value, initiated buybacks reduce pressure on the instruments, granting greater flexibility in balance sheet management. Currently, Strategy maintains its overall acquisition capacity, despite a slowdown in one channel.
