Michael Saylor released a chart on October 26, highlighting the continuously rising inventory of Strategy, accompanied by a teasing headline: “Today is Orange Dot Day.” This was a subtle hint he repeatedly used before formally announcing the purchase, suggesting that the answer to whether Strategy bought more Bitcoin last week may be “yes.”
Michael Saylor orange dot day suggests continued buying
(Source: SaylorTracker)
As usual, Michael Saylor hinted at new Bitcoin purchases on Sunday. On October 26, the most outspoken corporate cryptocurrency bull released a chart marking the continuously rising inventory of Strategy, accompanied by a cheeky headline: “Today is Orange Dot Day.” Saylor's chart highlighted each purchase with orange circles, corresponding to the price of Bitcoin, with the latest points indicating that the trend of smaller weekly allocations in October is still continuing.
Although Strategy has not disclosed the scale of new Bitcoin purchases, the post indicates that Saylor & Co.'s buying activities have not stopped, even amid fear, uncertainty, and doubt in the market. “Orange Dot Day” has become Saylor's iconic way of signaling whenever he releases a chart with an orange dot, the market knows that Strategy has increased its holdings of Bitcoin again. This predictable communication pattern provides the market with a confidence signal of Strategy's continued buying.
Although the market is still waiting for confirmation, the company's most recent disclosed purchase occurred between October 13 and 20, during which Strategy increased its holdings by 387 Bitcoins. This brought its total holdings to 640,418 Bitcoins, with an average purchase price of $74,010. Compared to September, the scale of this allocation is smaller, as the company absorbed over 7,000 BTC through several large-scale actions.
From 387 coins to the expected range of about 200 to 400 coins, the answer to whether Strategy bought more Bitcoin last week is very likely yes, but the scale is far smaller than the historical peak. This decline in purchase volume is not due to Strategy losing confidence in Bitcoin, but rather constrained by changes in the financing environment. When the stock premium disappears, Strategy's ability to raise funds by issuing new shares significantly decreases, which directly limits the scale of its Bitcoin purchases.
Based on the current Bitcoin price of around $114,000, the Bitcoin investment portfolio of Strategy is valued at approximately $72 billion, with a paper profit exceeding $25 billion and a return of over 53% since the program's launch in 2020, bringing the total cost basis to $47.4 billion. This astonishing investment return validates Saylor's strategy of “Bitcoin as corporate asset allocation.” 640,418 Bitcoins account for about 3.2% of all Bitcoins in circulation, and Strategy has become the largest corporate holder of Bitcoin, with an influence that even surpasses many sovereign nations.
Strategy weekly buying volume plummeted from 55,500 coins to 200 coins
(Source: CryptoQuant)
On October 26, CryptoQuant analyst J. Maartunn reported a sharp decline in the weekly Bitcoin acquisition volume of Strategy. According to him, the company's purchase volume has dropped from tens of thousands of BTC per week at the end of 2024 to around 200 BTC in recent weeks. Specifically, the company had purchased more than 10,000 BTC in a week, with a peak record of 55,500 BTC.
From 55,500 coins to 200 coins, this 270-fold decline is extremely astonishing. This slowdown does not mean a weakening of confidence, but rather indicates that the financial environment is tightening, limiting the deployment of new capital. The stock issuance premium of Strategy (the gap between its stock price and the book value of its Bitcoin holdings) has plummeted from 208% to 4%. This crash has made new stock issuance an inefficient way to raise more Bitcoin purchasing funds.
Strategy Weekly Purchase Volume Change Timeline:
End of 2024 Peak: Tens of thousands of BTC per week, with a weekly high of 55,500 coins.
Early 2025: Maintain a strong buying of over 10,000 coins weekly.
September 2025: Monthly purchases exceed 7,000 BTC
October 2025: Dropping to about 200 to 400 coins per week
At the same time, the company's stock price has fallen by about 50% from its historical high, while the trading price of Bitcoin has dropped by about 16% from the historical high of $126,000, hovering around $111,000 at the time of writing. This divergence between the stock price and Bitcoin price is the direct reason for the collapse of the MSTR premium. When the decline in the MSTR stock price far exceeds that of Bitcoin itself, it indicates a decrease in market confidence in the Strategy business model.
The lower market valuation and fewer financing options have inadvertently forced Strategy to slow down its purchasing pace. This data change answers the question of whether Strategy bought more Bitcoin last week: it may have bought some, but the scale is far smaller than historical levels. Strategy's financing strategy mainly relies on two methods: issuing new shares and issuing convertible bonds. When the stock premium disappears, issuing new shares severely dilutes existing shareholders' equity, so this route is blocked. Although convertible bonds are still available, their cost is higher in a high-interest-rate environment, limiting the scale of financing.
Strategy remains the most aggressive institutional investor, with a holding ratio of 3.2%
Despite the uncertainty in the market, the trading price of Strategy stock (MSTR) remains above its net asset value, reflecting investor confidence in the company. There have been 83 recorded independent purchase events, and its strategy remains predictable: buy as planned, disclose later, and let Bitcoin's movements dictate its balance sheet. This predictability is a value in itself; the market knows that Strategy will continue to buy, providing structural demand support for Bitcoin.
Despite the economic slowdown, Saylor still stated that Bitcoin remains at the core of the company's financial strategy. On X, he posted a screenshot of the Bitcoin tracker from Strategy, captioned “Today is Orange Pill Day.” It is noteworthy that such posts are usually made before formal filing documents, indicating that another acquisition may be imminent. Saylor has never changed his belief that “Bitcoin is the best corporate asset,” and even with the slowdown in purchasing, he continues to actively promote Bitcoin in public.
However, even with the decreased frequency, Strategy remains one of the most aggressive institutional investors in the market. In just 2025, the company has spent approximately $19.5 billion on Bitcoin, second only to the $21.7 billion in 2024. This figure is astonishing on a global scale, as $19.5 billion is equivalent to the GDP of many small countries, and the investment of Strategy in Bitcoin surpasses that of the vast majority of countries and institutions.
These purchases help Strategy's holdings reach 640,418 BTC, equivalent to about 3.2% of all circulating Bitcoin. This proportion has systemic importance, and Strategy's trading decisions can have a substantial impact on the Bitcoin market. More importantly, Strategy's holding strategy is to hold long-term without selling, which means that this 3.2% of Bitcoin is effectively “permanently locked,” reducing the circulating supply in the market.
From the perspective of market impact, the question of whether Strategy purchased more Bitcoin last week is important because Strategy's buying activity provides a stable demand foundation for Bitcoin. Even during market panic, Strategy's continuous purchases can stabilize prices and prevent excessive declines. Saylor's “Orange Dot Day” suggests that although the scale of purchases may be smaller, the consistency remains unchanged, which injects confidence into the market.
From a long-term perspective, the slowdown in Strategy's purchases may be temporary. Once the MSTR stock premium recovers, or if the Bitcoin price breaks new highs bringing greater paper profits, Strategy may accelerate its purchases again. Saylor has repeatedly stated that Strategy's goal is to hold as much Bitcoin as possible, and the buying activity never stops, only the pace adjusts according to the financing environment. Therefore, although the answer to whether Strategy bought more Bitcoin last week was on a smaller scale, the strategic direction remains unchanged.
