Strategy Hints at New Bitcoin Purchase Amid ETF Inflows

Michael Saylor, the executive chairman of Strategy, has hinted at another potential Bitcoin (BTC) acquisition with a cryptic social media post. His message, accompanied by the familiar acquisition chart, included the caption "more orange than ever," sparking speculation about an upcoming purchase. Strategy's latest confirmed acquisition, detailed in a September 28 SEC filing, involved 1,665 BTC worth $142.7 million, bringing its total holdings to 847,666 BTC.

The company's recent purchases mark the end of a ten-week hiatus, with its last acquisition occurring in August when it bought 4,603 BTC for $370 million. Strategy has resumed its buying spree in September, making two back-to-back weekly purchases. The first was on September 21, when it acquired 950 BTC for $75.7 million, followed by another purchase of 1,665 BTC for $142.7 million on September 27.

Strategy funded its latest acquisitions by selling its MSTR common stock. Between September 21 and September 27, it sold 1,469,165 MSTR shares for $246.2 million. Of this amount, $142.7 million was used for the BTC purchase, while $103.5 million went toward repurchasing STRC preferred stock. Additionally, the company utilized $48.1 million from existing cash reserves for the same purpose.

Strategy's Bitcoin acquisitions come amid sustained inflows into spot Bitcoin ETFs, which have attracted over $2.62 billion in the past 10 sessions. According to CryptoQuant, these ETFs have added 88,000 BTC since July, contributing to BTC's price climb from around $59,500 to $85,000 by October 4. CryptoQuant CEO Ki Young Ju expressed a bullish outlook, suggesting that the bear market ended in the summer and a new cycle is beginning.