Michael Saylor implies that Strategy may buy more Bitcoin again, while BTC is hovering around $76,000.

Strategy Executive Chairman Michael Saylor released his usual Bitcoin position increase chart on Sunday, November 8th, suggesting that the company may buy more Bitcoin again; meanwhile, Bitcoin is still struggling to return above $76,000.

• Michael Saylor shared his commonly used Bitcoin position-building charts, raising market expectations for Strategy to announce another Bitcoin acquisition.
• Strategy recently purchased 811 bitcoins for $65.5 million, bringing its disclosed total holdings to 849,327 bitcoins.
• On November 2nd, the purchase was funded by the proceeds from selling MSTR shares, while the separate repurchase of STRC was funded with cash.
• While Saylor elaborates on the financial history behind Strategy "digital credit", STRC closed at $99.84 on Friday.
• Bitcoin is trading at around $75,900, slightly above the overall average purchase cost of $75,451 per coin as indicated by Strategy.

Saylor posted on X, saying: “Connecting the dots (connect these clues together)”, and attached a link to the Bitcoin tracking chart. In the past, he often released similar updates before Strategy disclosed the acquisition information on Mondays. However, this time, the information did not indicate whether the company had purchased more Bitcoin, nor did it mention how much capital might have been spent.

Not long before the release of this post, Strategy announced on November 2nd that it had purchased 811 bitcoins and additionally spent $208.2 million to repurchase its STRC preferred stocks. As of November 1st, the company held 849,327 bitcoins, making its next financing and acquisition update once again a topic of close attention in the market.

Michael Saylor implies that Bitcoin purchases may be disclosed on Monday

Saylor's latest statement continues a familiar pattern: before the company reports on its weekly treasury activities, he shares a chart showing the increase in his holdings of Strategy Bitcoin.

The company typically discloses details of the acquisition through an 8-K filing submitted to the U.S. Securities and Exchange Commission. Previous disclosures have usually included the number of Bitcoins purchased, the average purchase price, and the financing arrangements used.

crypto.news reported on November 2nd that after a week without any new purchases, Strategy has resumed increasing its holdings of Bitcoin.

Strategy purchased 811 bitcoins between October 26th and November 1st, for a total amount of approximately 65.5 million US dollars, which averages out to 80,846 dollars per bitcoin, including fees and expenses.

Thereafter, the company's holdings reached 849,327 bitcoins, with a total cumulative purchase cost of 64.08 billion US dollars. The company's average purchase price per bitcoin was 75,451 US dollars.

The posts on Sunday did not provide the updated position numbers. Any new acquisitions need to be confirmed through the next official disclosure under Strategy, at which time the purchases completed since November 1st may be listed.

Strategy The previous Bitcoin purchases were funded by the sale of MSTR stocks.

According to the document submitted by Strategy to SEC on November 2nd, the company sold 1,178,552 shares of MSTR common stock under its "issue at market price" plan during the previous reporting period.

These transactions generated a net income of $164 million, of which $65.5 million was used to purchase Bitcoin, and an additional $98.5 million was credited to the company's cash balance.

Strategy indicates that no preferred stock sales were conducted during that period. Its separate repurchase plan utilized existing cash denominated in US dollars to repurchase 2,092,035 shares of STRC preferred stock for $208.2 million.

As of November 1st, the company's designated US dollar reserves amounted to approximately $4.79 billion, with an additional $132.7 million in independent cash holdings.

The financing structure of Strategy provides management with multiple options when purchasing Bitcoin, including selling common shares and issuing preferred securities. However, any new financing activities must be confirmed within the relevant reporting period.

Potential new rounds of buying could also draw attention to the market's focus on the company's market value to net asset ratio ( mNAV ). According to the company's method, this indicator is used to compare its equity valuation with the value of its underlying Bitcoin holdings.

Strategy The official dashboard recently shows that this ratio is approximately 1.12 times. The closing price of its common stock on November 6th was $128.93.

STRC is priced at $99.84, and Saylor discusses 'digital credit'.

Before releasing the latest information about Bitcoin with Saylor, he also published a separate article explaining the financial structure behind the Strategy preferred stock product.

In a post on November 7th, he described how common stocks, preferred stocks, securities regulation, and Bitcoin have collectively contributed to what he calls the development of “digital credit.”

Saylor wrote when discussing the Stretch preferred stocks of Strategy: 'It took four centuries for digital credit to become possible.' These preferred stocks are traded on NASDAQ under the code STRC.

According to Google Finance data, STRC closed at $99.84 on Friday, November 6th, up 0.38% for the day. The trading range of the security during the session was from $99.50 to $99.84, with a trading volume of approximately 1.61 million shares.

STRC adopts a floating monthly dividend rate policy, aimed at encouraging trading around a par value of $100. Its dividend structure is different from that of MSTR common stocks; the latter grants shareholders residual claim exposure to Strategy's business and its bitcoin holdings.

Saylor explained that a company can issue preferred stocks to raise capital, or it can repurchase preferred stocks in order to reduce the obligation of unpaid dividends.

The price of Bitcoin is still below Strategy's most recent purchase cost.

On November 8th, the trading price of Bitcoin was around $75,900, which is lower than Strategy's most recent average purchase cost of $80,846 per coin.

However, according to the document dated November 2nd, this latest price is still close to the company's overall average purchase cost of $75,451 per coin.

Bitcoin's rebound is still constrained by the overall selling pressure in the cryptocurrency market, as well as the continuous outflow of funds from spot Bitcoin ETF in the United States.

A Bitcoin market assessment on November 7th showed that from November 2nd to 6th, there was a net outflow of approximately $1.28 billion in Bitcoin ETF, with a single-day outflow of $411.9 million on Friday.

The financing prospects of Strategy also face another established event: MSCI is expected to announce its index review decision on November 11th.

This potential decision to exclude certain indices involves whether companies that hold large exposures to digital asset reserves should continue to be eligible to be included in certain stock indices.

Strategy Previously, it was estimated that related index tracking funds held approximately 13 million shares of MSTR, accounting for 3.1% of its basic outstanding shares.