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BTC Michael Saylor hinted that MicroStrategy may buy Bitcoin again, with the company holding 848,000 coins
As Strategy's Bitcoin holding reaches 848,000 coins, with a total value of approximately US$70.48 billion, Executive Chairman Michael Saylor hinted that the company may conduct a new round of Bitcoin acquisitions. Previously, MicroStrategy's STRC preferred stock was trading at a price below the face value of $100, triggering financing restrictions that made it impossible to make additional bitcoin purchases through this channel. At the same time, STRF preferred shares traded at $103.98 above face value, providing the company with an alternative financing option, and MicroStrategy continues to maintain its broader bitcoin accumulation strategy.
Continued accumulation signals under financing restrictions
Although some preferred securities were affected by financing restrictions, MicroStrategy Executive Chairman Michael Siler still signaled a potential Bitcoin acquisition. On October 11, Siler shared a Bitcoin treasury chart containing 117 purchase flags and wrote: "There is always room for more 'orange'." Currently, the company holds 848,000 bitcoins with a total value of approximately US$70.48 billion, accounting for 4.04% of the total bitcoin supply.
Microstrategy buys these assets at an average price of US$75,436 per Bitcoin, making their investment costs higher than the current original acquisition costs. Against the backdrop of Bitcoin trading prices exceeding US$83,000, despite the high volatility of the entire cryptocurrency market, the company's holdings still have huge unrealized gains.
STRC Financing Restrictions and Alternative Funding Channels
Siler's statement comes at a time when micro-strategy financing activity is changing, particularly with regard to its STRC preferred stock and its market performance. Between October 5 and October 9, the STRC traded between $99.43 and $99.66, always below its $100 face value. This price movement puts the security within the repurchase range specified by the microstrategy, limiting its ability to issue additional STRC shares. Under this financing arrangement, MicroStrategy prioritizes the repurchase of discounted securities rather than raising more capital through a new STRC issue. Therefore, during this period, the company's Bitcoin purchases through STRC financing channels were 0.00.
Despite these limitations, MicroStrategy can still leverage other financing instruments to support further expansion of its Bitcoin treasury. Its broader financing structure reportedly totals $12.69 billion, providing an alternative source of funding beyond temporarily restricted STRC instruments. At the same time, STRF preferred shares traded at $103.98 above par, providing another potential source of funding for the acquisition. MicroStrategy purchased 334 bitcoins at a price of approximately US$85,838 per coin, demonstrating its ability to purchase bitcoins through alternative financing arrangements. The deal also highlights the company's reliance on multiple securities rather than a single financing instrument in its treasury strategy.
Valuation multiplicity and future trends
In addition, the NAV Multiple of microstrategies is 0.92 times, indicating a discount to the underlying assets. This valuation is an important consideration when the company manages securities issuance, repurchase and growing holdings of crypto assets.
塞勒更新的国库图表遵循了其比特币积累活动中常见的公开信息模式。然而，10月11日的帖子并未披露具体的购买金额、融资安排或确认的收购日期。微策略现有的持仓和替代融资渠道仍是其扩大比特币国库的关键。目前，塞勒的信号表明了持续的积累兴趣，而任何额外的购买仍需等待公司的官方公告。
