Michael Saylor, founder of Strategy Inc., signaled that the company is preparing to expand its already massive Bitcoin position, posting on X that the firm has “found room for more orange.” The message arrived as Strategy’s corporate dashboard showed it controls 848,250 BTC as of mid-October 2026, representing approximately 4.04% of Bitcoin’s total global supply.
Strategy’s Bitcoin reserves were worth about $69.45 billion at the time, with an average purchase price of $75,444 per coin. That puts its net unrealized profit at 8.15% and year-to-date portfolio growth at 26.1%. Despite the bullish messaging, however, weekly disclosures show direct BTC purchases fell to an annual low of just 250 BTC, worth roughly $21.5 million, as management shifted capital toward buying back $192.4 million of its own Series STRC preferred shares. The company said the buyback was prioritized because the preferred yield had jumped to 12.31%, making it more attractive to reduce future dividend obligations than to add aggressively at current BTC prices.
Strategy is also managing liquidity carefully ahead of a possible index exclusion. MSCI has updated its selection criteria, and the company could be removed from global benchmarks because the value of its Bitcoin holdings has overshadowed its core software business. An official decision is expected on November 11, 2026. JPMorgan analysts estimate the exclusion could trigger $2.8 billion in passive-fund outflows from MSTR shares. Investors responded with a preemptive sell-off, sending shares down 9.56% to $136.83, while the MNAV ratio slipped to 0.83x. Strategy still maintains a $5.5 billion dollar-denominated safety cushion, but its pace of Bitcoin accumulation is now increasingly constrained by debt obligations and index-driven equity risks.
