Strategy founder and chairman Michael Saylor has signaled a fresh development in the company’s ongoing Bitcoin acquisition program. Sharing a chart from the StrategyTracker platform dated October 4, 2026, Saylor commented, “More orange than ever,” hinting at the company’s continuing aggressive accumulation of Bitcoin.
Largest corporate Bitcoin reserves on record
Strategy, a leading American business intelligence firm known for its prominent role in corporate Bitcoin investment, currently holds 847,666 BTC in its treasury. This represents approximately 4.04% of the total Bitcoin supply, according to analytics provided by BitcoinTreasuriesNET.
The company has invested a total of $63.95 billion in Bitcoin, with an average purchase price of $75,442.45 per BTC. At the prevailing market price, Strategy’s Bitcoin reserves are valued at $72.20 billion, putting its unrealized net profit over $8.25 billion.
Since the beginning of the year, the firm has increased its holdings by 175,169 BTC, reflecting a 26.05% growth in its overall portfolio. The most recent purchases, reportedly executed in late September, were made close to the firm’s average acquisition cost per coin.
“More orange than ever,” Saylor noted, referencing the record-breaking concentration of purchase activity highlighted by orange markers on the StrategyTracker chart.
Premium on shares and innovative debt funding
Strategy’s aggressive accumulation strategy has also been reflected in the valuation of its publicly traded shares. The company’s stock currently trades at a 14% premium to the value of its underlying crypto reserves, with a market Net Asset Value (mNAV) multiple of 1.14x. Each diluted share now represents 0.001972 BTC.
To fund its large-scale purchases, Strategy employs a structured fundraising approach known as the Digital Credit Stack. The company issues specialized bonds under tickers STRC, STRD, STRF, and STRK, raising a combined $12.68 billion. These instruments offer fixed yields ranging from 9.00% to 13.63% per year.
Mini dictionary: Digital Credit Stack, Strategy’s approach for financing its Bitcoin purchases by issuing corporate bonds with specific tickers, providing fixed yield to investors and increasing liquidity for the company’s ongoing crypto investments.
| Bond Ticker | Total Issued | Yield (Annual) |
|---|---|---|
| STRC, STRD, STRF, STRK | $12.68 billion | 9.00% – 13.63% |
Analyst outlook and next steps
Citigroup analysts have previously increased their price target for MSTR shares to $240, citing the strength of Strategy’s balance sheet and corporate governance.
The precise scale of the latest Bitcoin purchase suggested by Saylor’s remarks is expected to become public in forthcoming filings with the U.S. Securities and Exchange Commission.
Strategy has cultivated a reputation for aggressive and innovative treasury management, with investors on Wall Street accepting a premium on its shares tied directly to the company’s unique crypto-centered debt model.
