More orange than ever: Michael Saylor sows doubt about new Bitcoin purchases

One orange capture, four words. On Sunday, October 4, Michael Saylor published Strategy's purchasing chart with this message: "More orange than ever."

Nothing is confirmed at this stage, and only the Strategy dashboard is authentic. Here are the facts known before the possible announcement on Monday, while the bull market digests its profit taking.

Saylor and the Sunday ritual: two precedents

The scenario resembles that of the last two weeks, notes Bitcoin.com. On September 20, “A little more orange” preceded the announcement of 950 BTC for $75.7 million. On the 27th, “Even more orange” preceded the deposit on September 28: 1,665 BTC for $142.7 million, at $85,681 each.

Both times, the announcement came the next day. Two precedents don't make a rule, but they fuel the weekend's bets.

Before them, Strategy had purchased 4,603 BTC on August 31, for $370 million at $80,318 each, after two months without purchases. The rhythm has therefore started again: three purchases in four weeks, at prices ranging from 79,670 to 85,681 dollars each.

847,666 BTC: more than $8 billion in latent capital gain

Strategy holds 847,666 bitcoins, paid for $63.95 billion, or an average cost of $75,437 per bitcoin. At the price of 85,250 dollars recorded on Sunday, the value reached approximately 72.3 billion dollars, resulting in a latent capital gain of more than 8 billion.

With bitcoin at around $86,000 this Monday, the company is around 14% above its cost price.

Strategy still displays its ambition: to become the largest listed company in the world by capitalization, thanks to bitcoin. To achieve this, she must continue to buy, whatever the price of the day.

Fuel: $18.84 billion in emissions margin

Strategy finances its purchases by issuing shares. As of September 27, its “at-the-market” program left $18.84 billion available, according to crypto.news. In its latest filing, it sold 1,469,165 MSTR shares for $246.2 million.

The mNAV ratio (capitalization divided by the value of bitcoins held) stood at 1.18 as of October 2, with the stock at $159.11, according to crypto.news (this calculation is not included in Strategy's filings). Above 1, the market pays a premium to hold Strategy rather than live bitcoin. The company also maintains a reserve of $5.02 billion for its bonds and $1 billion in cash.