Saylor teases Strategy Bitcoin buying after ending September with STRC buybacks

Strategy chair Michael Saylor teased investors watching Sunday for a signal of the company’s recent Bitcoin purchases with the message “There’s always room for more orange,” in a post on X.However, any official notification via a filing with the US Securities and Exchange Commission won’t likely come before Tuesday, as federal offices will be closed on Monday for the Columbus Day holiday.Strategy ended September by spending more than six times its weekly Bitcoin (BTC) buying budget on its repurchases of one of its preferred stocks. Strategy bought 334 Bitcoin (BTC) for $28.7 million between Sept. 28 and Oct. 4, bringing its holdings to exactly 848,000 BTC, according to an Oct. 5 8-K form SEC.Over the same period, Strategy repurchased about 1.77 million shares of its STRC preferred stock for $176.3 million.Raise cash now, buy Bitcoin laterTo be sure, Strategy’s recent moves could be read as an indication that management can build up cash now and spend it on BTC later.Independent analyst Shanaka Anslem Perera on Saturday noted that Strategy raised $5.41 billion from new common shares in the third quarter and ended the period with 1,666 more BTC than it held at the end of June.In his ...