Strategy Inc. founder Michael Saylor has hinted at further Bitcoin purchases despite growing financial pressures and potential risks surrounding the company's inclusion in major stock market indexes.
In a recent X post, Saylor wrote, "We found room for more orange," sharing a Bitcoin purchase chart featuring orange markers representing previous acquisitions. The message suggested that Strategy remains committed to expanding its Bitcoin holdings.
As of mid-October 2026, Strategy held approximately 848,250 BTC, representing 4.04% of Bitcoin's total supply. Its cryptocurrency reserves were valued at $69.45 billion, with an average acquisition cost of $75,444 per Bitcoin.
The company's Bitcoin portfolio reportedly generated an unrealized gain of 8.15%, while its holdings increased 26.1% year-to-date.
However, Strategy's latest financial activity indicates a shift in capital allocation. The company purchased only 250 BTC, worth approximately $21.5 million, during the latest reporting week, marking its lowest acquisition pace this year.
Instead of aggressively accumulating Bitcoin, Strategy allocated $192.4 million toward repurchasing its Series STRC preferred shares. With the preferred stock's yield reaching 12.31%, management prioritized reducing future dividend obligations over additional cryptocurrency investments.
Strategy also maintains approximately $5.5 billion in dollar-denominated reserves to support liquidity and financial stability.
Meanwhile, the company faces another significant challenge involving MSCI's revised index eligibility criteria. Strategy could potentially lose its place in major global investment benchmarks because its Bitcoin holdings now substantially outweigh its traditional software operations.
MSCI is expected to announce its decision on November 11, 2026. JPMorgan analysts estimate that an exclusion could trigger approximately $2.8 billion in passive investment outflows from Strategy shares.
Investor concerns have already weighed on MSTR stock, which declined 9.56% to $136.83. The sell-off pushed the company's market net asset value ratio, or mNAV, to 0.83x, indicating that shares trade below the estimated value of its underlying assets.
Despite these challenges, Strategy remains the world's largest corporate Bitcoin holder. However, its future Bitcoin accumulation strategy may increasingly depend on managing preferred stock obligations, maintaining liquidity, and navigating potential MSCI index exclusion risks.
