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BTC Strategy founder and chairman Michael Sailor hints at new developments in the Bitcoin acquisition plan.
Michael Sailor, founder and chairman of Strategy (formerly MicroStrategy), recently released a signal that there are new developments in the company's ongoing Bitcoin acquisition project. He shared a chart from the StrategyTracker platform dated October 4, 2026, and commented: "More 'orange' than ever before." This statement implies the company's continued aggressive strategy of increasing its holdings in Bitcoin.
Record enterprise-level bitcoin reserves
As the leading intelligence analysis company in the United States, Strategy is known for its prominent position in large corporate bitcoin investment. Currently, the number of bitcoins held in its treasury has reached 847,666, accounting for approximately 4.04% of the total bitcoin supply. According to data analysis provided by BitcoinTreasuriesNET, the company's total investment in Bitcoin has reached US$63.95 billion, and the average purchase cost per Bitcoin is US$75,442.45.
Based on current market prices, Strategy's Bitcoin reserves are worth approximately US$72.20 billion, which means that its unrealized net profit has exceeded US$8.25 billion. Since the beginning of the year, the company's holdings have increased by 175,169 bitcoins, and the overall portfolio has grown by 26.05%. According to reports, the most recent purchases were made in late September at prices close to the company's average acquisition cost.
“比以往任何时候都更加‘橙色’”，塞勒这样说道，指的是StrategyTracker图表上用橙色标记所突出的创纪录购买活动集中度。
股票溢价与创新债务融资模式
Strategy激进的增持策略也反映在其公开交易股票的估值上。目前，该公司股票的市值较其底层加密资产的价值高出14%，市场净资产值（mNAV）倍数为1.14倍。每一股稀释后的股票现代表0.001972枚比特币。
为了资助大规模采购，Strategy采用了一种被称为“数字信贷栈”（Digital Credit Stack）的结构化融资方式。该公司发行了代码分别为STRC、STRD、STRF和STRK的专项债券，共筹集资金126.8亿美元。这些金融工具提供每年9.00%至13.63%不等的固定收益率。
微型词典：数字信贷栈（Digital Credit Stack）
这是Strategy用于为其比特币购买提供资金的方法，通过发行具有特定代码的公司债券，为投资者提供固定收益，并提高公司持续加密投资的流动性。
分析师展望与后续步骤
花旗集团分析师此前已将MSTR股票的股价目标上调至240美元，理由是Strategy资产负债表强劲且公司治理良好。
据塞勒言论所暗示的最新一轮比特币采购的具体规模，预计将在公司向美国证券交易委员会（SEC）提交的 forthcoming 文件中正式公布。
Strategy已建立起激进且创新的财务管理声誉，华尔街投资者接受其股票溢价，这直接与公司独特的以加密货币为中心的债务模型挂钩。
