'There’s always room for more orange': Michael Saylor's Strategy scoops up another 250 bitcoin for $21.5 million as holdings reach 848,250 BTC

Bitcoin Bitcoin (BTC) treasury company Strategy Strategy, Inc. (MSTR) acquired an additional 250 BTC for approximately $21.5 million at an average price of $86,194 per bitcoin between Oct. 5 and Oct. 11, according to a press release on Monday.

Strategy now holds 848,250 BTC ($70.6 billion), bought at an average price of $75,444 per bitcoin for a total cost of around $64 billion, including fees and expenses, according to the company's co-founder and executive chairman, Michael Saylor.

For perspective, Strategy's holdings are equivalent to more than 4% of bitcoin's 21 million supply cap, and imply around $6.6 billion in paper gains at current prices.

Strategy made the latest acquisitions using proceeds from at-the-market sales of its Class A common stock, MSTR, and its USD Cash reserve. Last week, Strategy sold 125,183 MSTR shares for approximately $21 million. As of Oct. 11, $18.8 billion worth of MSTR shares remain available for issuance and sale under that program, according to the release. Strategy's USD Cash holdings covered the remaining $0.5 million cost.

Strategy also repurchased 1,932,145 STRC preferred shares last week for around $192.4 million under its digital credit securities repurchase program. As of Oct. 11, the balances of its USD Reserve and USD Cash were $4.88 billion and $640.5 million, respectively, the firm said.

'There’s always room for more orange'

Saylor posted another Strategy bitcoin acquisition tracker chart to X on Sunday with the caption "There’s always room for more orange." Similar posts have typically preceded bitcoin acquisition announcements the following day, though the company's strategy has varied recently.

Per Bitcoin Treasuries data, 198 public companies have adopted some form of bitcoin acquisition model. Metaplanet, Tether-backed Twenty One, MARA, and Adam Back and Cantor Fitzgerald-backed Bitcoin Standard Treasury Company make up the rest of the top 5, with 44,000 BTC, 43,514 BTC, 35,577 BTC, and 30,021 BTC, respectively.

On Thursday, TD Cowen raised its bitcoin forecasts but kept its $260 price target on Strategy unchanged, arguing that dilution and the company's financial obligations will likely limit upside for its shareholders.

TD Cowen's target implies roughly 70% upside for MSTR. The firm's analysts forecast bitcoin near $109,000 by year-end and $280,000 by 2029.

Strategy's stock fell 7% last week, closing Friday at $154.34, according to The Block's MSTR price page. MSTR is flat year to date after a substantial recovery from an earlier selloff, though it remains 53% down over the past year. Bitcoin dropped 4.5% over the same period last week.