‘A Little More Orange,’ Says Saylor as He Starts Buying Bitcoin Again. Here’s Why I Don't See Much Orange in the Short Term.

Michael Saylor has put Strategy (MSTR) back to work in the Bitcoin (BTCUSD) market. The executive chairman posted “A little more orange” on X, along with a chart of the company’s purchase history. He was referring to the company's Bitcoin purchases on the chart marked in orange bubbles. A filing on Sept. 21 confirmed the hint. Strategy bought 950 Bitcoin for about $75.7 million between Sept. 14 and Sept. 20, paying an average of $79,670 per coin. It now holds 846,000 Bitcoin at an average cost of $75,416. This is the first purchase in three weeks and only the second since a two-month pause ended in late August. Bitcoin’s climb back to around $85,000, an eight-month high, has helped. The stock has gained roughly 8% in the last five days alone.

​This was desperately needed. MSTR stock had slipped from its 52-week high of $365.21 in October last year to its 52-week low of $81.81 in June this year. Despite Saylor’s long-running “never sell” stance, Strategy sold Bitcoin four times over the summer, raising roughly $544 million.

Cash Is Doing the Buying for Now

What caught my attention is how this purchase was paid for. I recently covered why Strategy needs to trade well above the price of Bitcoin it owns. The company’s model works best when its stock trades well above the value of its Bitcoin. The stock still doesn't trade at much of a premium to its holdings, with the company's market value sitting close to its holdings. So Strategy sold no new shares during the week and paid for the Bitcoin entirely from spare cash. The “war-chested” balance sheet Canaccord Genuity analyst Joseph Vafi pointed to is now doing the buying.

​Bitcoin still hasn’t been Strategy’s biggest focus, though. In the same week, the company spent $174 million buying back its STRC preferred stock, more than twice its bitcoin spend. This preferred stock pays investors a regular dividend. The aim is to get STRC back toward its $100 par value so Strategy can eventually use it to fund Bitcoin purchases again. It trades just under $99. Meanwhile, that spare cash fell from $1.30 billion to $1.05 billion in one week. So bigger Bitcoin buys may have to wait until STRC gets back to $100.

About Strategy Stock

Strategy, formerly known as MicroStrategy, is the world’s largest corporate holder of Bitcoin and also sells business analytics software. It funds its Bitcoin purchases mainly by selling stock, preferred shares, and debt. Founded in 1989, the company is headquartered in Tysons Corner, Virginia, and is led by CEO Phong Le.

Strategy’s stock, as it often is, has been fairly volatile lately. In the past 12 months, the stock has fallen 50%, underperforming the iShares Bitcoin Trust ETF’s (IBIT) 24% dip during the same period. The stock's premium to its Bitcoin holdings also shrank, which made it fall harder than Bitcoin itself. Most of that fall came late last year, though, and the company’s stock price is up by 2% in 2026. Moreover, in the last month alone, the stock is up roughly 22%. The surge came as Bitcoin rebounded and Strategy started buying again.

What Do Analysts Expect for MSTR Stock?

Wall Street turned more bullish on MSTR stock in September. B. Riley raised its price target from $175 to $195 and kept a “Buy” rating, pointing to the recent crypto rally and upcoming sector catalysts. Barclays and Canaccord Genuity increased their price targets as well. 

Based on 19 Wall Street analysts, Strategy holds a “Strong Buy” rating with a mean price target of $228.47, indicating a 46% upside. Even so, the mean price target is still well below the stock's 52-week high of $365.21.

On the date of publication, Jabran Kundi did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.