‘Orange is the color of November’: Michael Saylor’s Strategy buys another 397 bitcoin for $45.6 million

Bitcoin treasury company Strategy (formerly MicroStrategy) acquired an additional 397 BTC for approximately $45.6 million at an average price of $114,771 per bitcoin between Oct. 27 and Nov. 2, according to an 8-K filing with the Securities and Exchange Commission on Monday.

Strategy now holds a total of 641,205 BTC — worth around $69 billion — bought at an average price of $74,057 per bitcoin for a total cost of around $47.5 billion, including fees and expenses, according to the company’s co-founder and executive chairman, Michael Saylor. To put that in perspective, the haul represents more than 3% of Bitcoin’s total 21 million supply and implies around $21.5 billion of paper gains at current prices.

The latest acquisitions were made using proceeds from at-the-market sales of its Class A common stock, MSTR, perpetual Strike preferred stock, STRK, perpetual Strife preferred stock, STRF, and perpetual Stride preferred stock, STRD. 

Strategy’s STRK, STRC, STRF, and STRD perpetual preferred stock’s respective $21 billion, $4.2 billion, $2.1 billion, and $4.2 billion ATM programs are in addition to the firm’s “42/42” plan, which targets a total capital raise of $84 billion in equity offerings and convertible notes for bitcoin acquisitions through 2027 — upsized from its initial $42 billion, “21/21” plan after the equity side was depleted.

Last week, Strategy sold 183,501 MSTR shares for approximately $54.4 million. As of Nov. 2, $15.85 billion worth of MSTR shares remain available for issuance and sale under that program, the firm said. Strategy also sold 49,374 STRK shares for approximately $4.4 million, with $20.34 billion worth of STRK shares remaining available for issuance and sale under that program. It sold 76,017 STRF shares for $8.4 million, with $1.66 billion remaining, and sold 29,065 STRD shares for $2.3 million, with $4.13 billion remaining.

STRD is non‑convertible with a 10% non‑cumulative dividend and the highest risk‑reward profile. STRK is convertible with an 8% non‑cumulative dividend, allowing equity upside. STRF is non‑convertible with a 10% cumulative dividend, making it the most conservative. STRC is a variable‑rate, cumulative preferred stock offering monthly dividends, with adjustable rates designed to keep it near par.

According to Bitcoin Treasuries data, there are now 192 public companies that have adopted some form of bitcoin acquisition model. MARA, Tether-backed Twenty One, Metaplanet, Adam Back and Cantor Fitzgerald-backed Bitcoin Standard Treasury Company, Bullish, Riot Platforms, Trump Media & Technology Group, Coinbase, and CleanSpark make up the remainder of the top 10, with 53,250 BTC, 43,514 BTC, 30,823 BTC, 30,021 BTC, 24,300 BTC, 19,287 BTC, 15,000 BTC, 14,548 BTC, and 13,011 BTC, respectively.

While the number of bitcoin treasury companies continues to increase, the value of many of the cohort’s shares is down significantly from their summer peaks, with Strategy itself falling 41%, for example. The companies’ market cap-to-net asset value ratios have subsequently sharply contracted, with Strategy’s mNAV currently sitting at around 1.1.

In an interview earlier this year, Saylor said Strategy’s capital structure is designed to withstand a 90% drop in bitcoin that persists for four to five years, thanks to its mix of equity, convertible debt, and preferred instruments — though he acknowledged that shareholders would still “suffer” in such a scenario.

‘Orange is the color of November’

Last Monday, Strategy announced it had purchased another 390 BTC for approximately $43 million at an average price of $111,117 per bitcoin. That marked its biggest weekly acquisitions in over a month and took its total holdings to 640,808 BTC.

Saylor again hinted at the company’s latest set of purchases ahead of time, sharing an update on Strategy’s bitcoin acquisition tracker on Sunday, stating, “Orange is the color of November.”

Strategy’s stock closed up 5.9% on Friday at $269.51, despite reporting $2.8 billion in third-quarter profit — down sharply from its record $10 billion in the prior quarter. The results still topped analyst estimates, with diluted earnings of $8.42 per share versus expectations of $8.15, but marked the company’s weakest quarter since adopting fair-value accounting in January.

Strategy added roughly 43,000 BTC in Q3. However, that represents its slowest quarter of accumulation this year, down from 69,000 BTC in Q2 and over 80,000 BTC in Q1, as weekly purchases have steadily tapered alongside its weaker mNAV premium.

MSTR is currently down 1.9% in pre-market trading on Monday, according to The Block’s Strategy price page, and remains negative to the tune of 10.2% year-to-date compared to bitcoin’s 15% gain for 2025.

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