MicroStrategy Incorporated

Strategy founder and chairman Michael Saylor published data on the company's Bitcoin strategy with the concise comment: "More orange than ever." The post, which appeared on the company formerly known as MicroStrategy, signals a potential massive new Bitcoin purchase by the firm. Saylor's terse remark accompanied the release of the company's Bitcoin strategy data, though no specific purchase amount or dollar figure was disclosed in the source material. The comment echoes Saylor's long-running practice of teasing Strategy's Bitcoin acquisitions ahead of official announcements.

Bitcoin held below $85,000 on Friday after briefly topping $87,000, with a new U.S. Securities and Exchange Commission proposal on crypto custody adding to expectations of broader institutional participation. The cryptocurrency was trading at $84,612.4 as of 21:55 ET, down 0.35% after reaching an intraday high of $87,219, its first move above $87,000 since Sept. 23. The SEC proposed changes to custody rules that would allow investment advisers and funds to directly hold certain digital assets when a qualified third-party custodian is unavailable, subject to safeguards, with the proposal entering a 60-day public comment period following publication in the Federal Register. Bitcoin also drew support from softer U.S. economic data, as September nonfarm payrolls rose 29,000 against expectations of 90,000, prompting declines in Treasury yields and the dollar. The move triggered about $142 million of Bitcoin short liquidations over 24 hours, compared with roughly $29 million in long positions, according to Coinglass data. Separately, Strategy Executive Chairman Michael Saylor detailed how the company finances its Bitcoin-focused business, with its STRC preferred shares carrying a 12% annualized dividend rate and a shareholder vote scheduled for Oct. 28 on a switch to daily dividend accruals, while Supercycle Finance said it plans to raise up to $75 million through a proposed offering, with most proceeds intended for Bitcoin purchases.

Michael Saylor's Strategy bought 1,665 Bitcoin for $142.7 million last week, raising its holdings to 847,666 BTC. The purchases were made at an average price of $85,681 per coin between Monday and Sunday, according to an 8-K filing with the U.S. Securities and Exchange Commission dated September 28. Strategy has now spent a total of $63.95 billion on the holdings, an average of $75,437 per Bitcoin including fees and expenses. The company funded this purchase with proceeds from selling 1.47 million MSTR shares, raising $246.2 million net, and allocated $142.7 million to Bitcoin, while another $103.5 million went to repurchasing STRC preferred shares. It bought back 1.53 million STRC shares for $151.7 million, with another $48.1 million coming from its U.S. dollar cash holdings. Previously, the company bought 950 BTC for $75.7 million the week before, after pausing purchases for two weeks. Strategy's U.S. dollar cash balance fell to $1 billion from $1.05 billion week over week, and its separately held U.S. dollar reserve, intended to cover preferred stock dividends and debt interest, fell to $5.02 billion from $5.04 billion after paying $22.1 million in dividends.

Strategy, the world's largest corporate holder of Bitcoin, has resumed buying Bitcoin after a two-week pause, purchasing 950 Bitcoin for $75.7 million at an average price of $79,670 per coin. The purchase brings Strategy's holdings to 846,000 BTC, acquired for roughly $63.8 billion at an average cost of $75,416 per coin. Bitcoin was trading at about $84,523 at the time the news was published. The purchase coincided with a post on X by Michael Saylor, the company's executive chairman, on Saturday, in which he called for a digital rights charter comprising five freedoms: creating new digital assets, issuing assets to the market, holding or choosing a custodian, transferring assets, and using assets. Saylor said these rights should apply to both individuals and companies, and added that digital dollars should be allowed to compete on yield, with banks, fintech companies, and technology platforms offering digital dollars through the devices and applications people already use.

Bitcoin broke above $86,000 on September 21, climbing to its highest level in about eight months. Behind the move is a three-stage chain: renewed inflows into U.S. spot ETFs, an improving regulatory and macroeconomic backdrop, and large-scale liquidation of short positions. Analysts at JPMorgan Chase said that if hedging trades targeting ETFs decline, Bitcoin could receive stronger price support than gold. After a sharp correction from its all-time high of about $126,000 set in October 2025, Bitcoin has now recovered to around $86,000, but it remains roughly 30 percent below that record peak. It also emerged that U.S. President Trump purchased between $51,000 and $100,000 worth of Strategy shares in July.

Strategy, the bitcoin treasury company trading as MSTR, has proposed paying daily dividends on its four U.S.-listed preferred securities, STRF, STRC, STRK and STRD. Under the plan, every calendar day including weekends and holidays would be a record date, with payment on the next business day, while annual dividend amounts would stay unchanged and only the payment frequency would shift. For STRC, the $9.3 billion flagship carrying a 12% variable dividend, that means moving from semi-monthly payments to daily, while STRF, STRK and STRD would go from quarterly to daily. Strategy argues that shortening the gap between dividend entitlement and payment will steady prices, noting that STRC's median ex-dividend drop fell 27% after its switch from monthly to semi-monthly payouts, and it likens the daily accrual to that of money market funds, with a stated goal of STRC trading at $99 to $100 over time. Shareholders will vote at a special meeting targeted for October 28, and if approved STRC would switch on November 1 while the other three would switch on January 1, 2027.

U.S. President Donald Trump bought Strategy shares worth between $51,000 and $100,000 in July, according to a periodic transaction report released by the U.S. Office of Government Ethics on September 22. The report showed two purchases: one of $1,001 to $15,000 on July 24 and one of $51,000 to $100,000 on July 27, with the July 27 purchase falling in the same dollar range as his largest previous purchase, recorded on February 12. There was also a sale of $1,001 to $15,000 on July 8. The report listed 1,156 transactions for July, with crypto-related trades making up only a small fraction of the total, while the largest transactions were sales of Microsoft and Amazon shares on July 20, each worth between $5 million and $25 million. The White House says the assets are managed independently by third-party financial institutions and that the president and his family are not involved in the trades. The disclosure came just after the Senate voted on September 15 against proceeding with the crypto market structure bill known as the Clarity Act, a vote attributed mainly to conflict over ethics provisions that would restrict the president's family from profiting from crypto, and it could reignite the debate.

Strategy Inc., formerly MicroStrategy, has resumed Bitcoin purchases, adding 950 BTC worth about US$75.7 million while also repurchasing US$174 million of its STRC preferred stock. The twin move rebuilds the company's Bitcoin treasury and tightens its capital structure, reinforcing its role as the largest corporate holder of Bitcoin with roughly 846,000 coins. The renewed buybacks may ease some pressure on Strategy's preferred securities after this summer's STRC volatility, but they also underscore how dependent the business is on maintaining large cash reserves to service billions of dollars of preferred dividends and debt. Seven fair value views from the Simply Wall St Community span roughly US$164 to US$705 per share, underlining sharply different expectations as the renewed Bitcoin buying and STRC buybacks tighten the focus on leverage and liquidity.

Bitcoin climbed to a 7-month intraday high of $87,395 on September 21, its strongest price since January 29, and traded at $85,326 at press time, up 4.90% over 24 hours. The rally followed a weekly close back above the 50-week moving average, a level that has historically signaled bear-market lows, and was fueled largely by a short squeeze: Coinglass data showed $746.6 million in crypto liquidations over 24 hours, with shorts accounting for $647.9 million, while market-wide trading volume rose 39% to roughly $224 billion. Sentiment and institutional flows followed the price, with Santiment recording the largest spike in bullish commentary since December 2024 at 954 mentions versus 269 bearish, the Crypto Fear and Greed Index climbing to 78, or Extreme Greed, from 70 on Monday and 69 a week earlier, and spot Bitcoin ETFs absorbing $999 million on September 21, their largest single day since October 6, 2025, lifting total net assets to $110.1 billion from $102.5 billion. Corporate treasuries also stepped up: Strive bought 1,355 Bitcoin for about $107.7 million between September 14 and September 18, raising its holdings to 26,355 Bitcoin, while Strategy disclosed a purchase of 950 Bitcoin that took its total to 846,000 coins. Two signals still flash caution, however: open interest across crypto derivatives rose 7.59% to about $156 billion even as shorts were liquidated, suggesting traders opened new positions rather than reducing risk, and the Coinbase Premium Index remains negative at -0.028, though it has recovered from deeper readings earlier in September.

Strategy, the world's largest corporate holder of Bitcoin, announced on September 21 that it purchased an additional 950 BTC for about $75.7 million between September 14 and 20. The average purchase price was $79,670 per BTC, marking the company's first Bitcoin purchase in about three weeks. According to a filing with the U.S. Securities and Exchange Commission, the purchase raised the company's Bitcoin holdings to 846,000 BTC, equivalent to more than 4 percent of Bitcoin's maximum supply of 21 million BTC. Total acquisition costs to date, including fees, come to about $63.8 billion, with an average purchase price of $75,416 per BTC. The company had refrained from further purchases for two weeks after buying 4,603 BTC at the end of August, and this latest purchase marks a resumption of its accumulation. Co-founder and Chairman Michael Saylor hinted at the additional purchase on X on September 20, the day before the announcement.

On September 21, Bitcoin reclaimed its 365-day moving average at around $83,000 and rose as high as $85,420 at one point. Expectations for U.S.-China talks ahead of President Xi Jinping's visit to the United States strengthened risk appetite, while a buildup of long positions against the backdrop of falling crude oil prices supported price action. In the derivatives market, Bitcoin open interest rose 9% to reach the $60 billion mark, with more than $5 billion in new futures contracts opened within 24 hours. Strategy added 950 BTC for $75.7 million, raising its holdings to 846,000 BTC, and bought back about $174 million worth of its STRC preferred stock. CryptoQuant CEO Ki Young Ju said that if Bitcoin can hold its 365-day moving average, it could draw buying from momentum traders and institutional investors.

On September 21, Bitcoin broke above $86,000, climbing to its highest level in about eight months. Just days earlier, on September 16, it had fallen to around $75,800 amid the Federal Reserve's 0.25% rate hike and the stalling of the U.S. crypto market structure bill known as the CLARITY Act. The roughly $10,000 rebound from that low rests on a three-stage chain: recovering spot demand, a falling risk premium, and a short squeeze. The most important factor supporting the rally was the recovery in inflows to U.S. spot Bitcoin ETFs, which flipped from a net outflow of about $167 million on September 10 to a net inflow of more than $430 million on September 18, while Strategy also announced an additional purchase of 950 BTC worth about $75.7 million. On-chain data, however, is not uniformly bullish. According to CryptoQuant data as of September 19, Binance's Bitcoin reserves rose to about 702,900 BTC, up roughly 55,000 BTC from around 648,000 BTC in late July, and how much ETF inflows can absorb long-term holders taking profits and rising exchange reserves will determine whether the rally can be sustained. As prices broke through the $80,000 and $85,000 milestones, forced liquidations of shorts cascaded through the derivatives market, with about $658 million liquidated across the entire crypto market in the past 24 hours, of which roughly $367 million was in Bitcoin shorts alone. Looking ahead, if net inflows into ETFs continue, exchange reserves begin to decline, and futures funding rates settle down, the rally will become healthier; if instead ETF inflows slow, exchange reserves rise, open interest grows, and funding rates climb all at once, that would be a warning sign.

Google and Apple are both hiring for digital-asset roles, a sign that stablecoins and tokenization are becoming core expertise inside Big Tech. Google Cloud is seeking an architect in Hong Kong to help protocol foundations, exchanges and custodians tokenize real-world assets across Asia-Pacific, while Apple is filling an Apple Pay strategy lead role focused on Apple Card, Apple Cash and peer-to-peer payments. The listings follow Samsung's plan to build stablecoin features into Galaxy phones through Samsung Wallet. Separately, Kalshi is facing accusations of fake trading volume on its newly launched crypto perpetual futures, with analyst Benny flagging that Kalshi's Ether perp logged 539 million in 24-hour volume against just $3.1 million in open interest, a 174-to-1 gap, and pointing to repetitive $5,500 trades making up as much as 58% of daily volume; Kalshi's product lead pushed back, saying the numbers reflect maximum potential payout, not fake activity. MicroStrategy added 950 BTC for $75.7 million last week, its first purchase since late August, funded from the company's dollar reserve, which now sits at $5 billion, bringing its holdings to 846,000 Bitcoin bought for a total of $63.81 billion.

Bitcoin closed a week above its 50-week moving average for the first time in 45 weeks, ending the week of September 20 at $81,159 versus an average of $78,786, a level it last closed above on November 9, 2025, and had spent 44 weeks below since. The move triggered roughly $648 million in bearish bets being wiped out across the day, including about $262.30 million in shorts liquidated within an hour as Bitcoin passed $84,000, of which $218.55 million came from Bitcoin shorts and just $9.53 million from longs, according to CoinGlass. Bitcoin traded at $84,702, up 5.3% in the past day after hitting $85,000 for the first time since January, while Ethereum rose 5.4% to $2,724, XRP climbed 6.4% to $1.47, and Solana rose 6.6% to $115. The rally was helped by Brent crude falling for a fourth consecutive day to about $102, its longest losing streak in three months, which pulled the 10-year Treasury yield back below 5%. Institutional support was thin, with spot Bitcoin ETFs seeing a net inflow of only $6.21 million for the week ending September 19, so the rally's durability now hinges on oil staying soft through the September 30 quarter close and Bitcoin holding above $81,159.

Bitcoin broke above $84,000 for the first time in eight months early on Monday, rising 4.87% to $84,194.91, even after the Digital Asset Market Clarity Act failed its procedural Senate vote last week. The bill fell short of the required 60 votes after Senate Democrats blocked its advancement over lingering concerns about government ethics provisions and presidential conflicts of interest, with a handful of Republican defections further crippling its momentum following intense lobbying from community banks over stablecoin reward rules. Among the biggest pre-market movers in the crypto patch were Strategy, Coinbase, Circle, and Robinhood. Strategy CEO and bitcoin bull Michael Saylor said in an X post that the rejection of CLARITY marks a positive inflexion point for digital assets.

Michael Saylor has signaled that Strategy may resume buying bitcoin after nearly three weeks without purchases, with investors closely watching for a fresh round of accumulation by the company. Reports indicate this signal is tied to movements in Strategy's stock and financial instruments such as STRC, amid interest in the Clarity Act and the Fed's interest rate policy direction, factors the bitcoin market is currently watching.

Strategy Inc. shares climbed just over 16% on Friday, rising $21.67 to close at $153.92, as crypto-related stocks broadly advanced after the SEC approved a temporary "Innovation Exemption" allowing certain venues and liquidity providers to facilitate trading in tokenized U.S.-listed stocks. The move followed two weeks of choppy trading for the stock, which operates as both a Bitcoin Treasury Company and an enterprise analytics software provider. Strategy holds approximately 845,050 Bitcoin as a treasury reserve, financed through equity, debt, and preferred securities. Volume reached 53.9 million shares, roughly 1.96 times the one-month average, and the stock's one-month return stands at 35.39%.

Bitcoin traded at $80,888.81, up 5.5% over 24 hours, pushing crypto-linked equities sharply higher Friday morning. Strategy stock rose 12% to $148.55 and Coinbase Global shares climbed 11% to $192.43, both outpacing the coin itself, while the iShares Bitcoin Trust ETF gained 6% and the SPDR S&P 500 ETF Trust slipped 0.1%. Nic Puckrin, founder of Coin Bureau, said short positions were liquidated once Bitcoin broke past its resistance level, and crypto derivatives traders had been heavily positioned in call options heading into the move. The Securities and Exchange Commission said Thursday it is granting a five-year exemption allowing U.S. trading venues to offer tokenized stocks, a direct tailwind for Coinbase, which earns fees on every listed venue it operates. Coinbase chief executive Brian Armstrong said he now assumes the CLARITY Act is dead and that another path exists through the regulators, naming the SEC and the Commodity Futures Trading Commission, while a House of Representatives committee advanced the Strategic Bitcoin Reserve bill on Thursday, a measure that still requires approval from the full House and the Senate. Strategy remains a leveraged treasury vehicle for Bitcoin, funded largely with issued equity, and its stock is still down 3% year to date even after this month's rebound.

Michael Saylor, Chairman of MicroStrategy, said banks will expand Bitcoin custody and lending without new legislation from Congress, arguing the SEC and CFTC can advance crypto rules under existing law while the CLARITY Act stalls. Saylor's case rests on Bitcoin's settled status as a CFTC-regulated commodity with SEC-approved spot ETFs, plus a series of interpretive letters the Office of the Comptroller of the Currency has issued since March 2025 confirming national banks may custody crypto assets and execute trades at customer direction. Deutsche Bank announced this week that it plans to launch regulated custody for Bitcoin, Ethereum and select stablecoins for institutional and corporate clients by the end of 2026, and that launch is awaiting sign-off from BaFin, Germany's financial regulator, under the European Union's Markets in Crypto-Assets regulation, whose transition period ended on July 1. The bank, which reported $2.217 trillion in assets under management as of June 30, holds a German crypto-custody authorization but still needs BaFin's approval for the specific service it announced, and that custody approval is the first piece any bank needs before it can lend against Bitcoin at all. Saylor's argument runs thin in one respect: OCC interpretive letters are guidance rather than statute and can be revoked by a future administration or a court challenge without a vote in Congress, whereas the CLARITY Act would lock Bitcoin's commodity status and banks' lending authority into law. Bitcoin-backed lending would let large holders borrow at bank rates instead of triggering a taxable sale, but the same structure works in reverse when prices fall, as happened in 2022 when Celsius, BlockFi and Voyager collapsed under forced selling, and the shift remains early since Deutsche Bank has not launched custody yet, let alone lending.

CleanSpark stock climbed 5% to $13.49 in Thursday morning trading, leading a broad rally in bitcoin mining equities that far outpaced the coin itself, with no company-specific disclosure behind the move. The CoinShares Bitcoin Mining and Digital Power ETF rose 6% to $47.20 while the SPDR S&P 500 ETF Trust gained 1% to $763.81, and Bitcoin advanced 1.39% to $76,633.43 over the trailing 24 hours. Strategy shares rose 4% to $130.71, a smaller gain than the pure miners but still a multiple of the coin's advance, consistent with a bid concentrated in operating mining equities rather than corporate treasury vehicles. The U.S. Senate cloture vote on the Clarity Act failed on September 15, falling short of the sixty votes needed to advance, a defeat two sessions old that sits in the background rather than acting as the trigger for today's move. CleanSpark's bull case rests on its data center build-out and the prospect of leasing capacity to artificial intelligence tenants, but absent a tenant announcement the rally risks reversing as quickly as it arrived.

Strategy, the company formerly known as MicroStrategy, could see its shares reach $400 if Bitcoin reclaims $120,000, according to a 24/7 Wall St. model that projects 96.7% upside to a base-case target of $254.93. The stock trades at $129.60, down 14.71% year to date and 60.46% over one year, with a beta of 3.597, after Bitcoin closed at $75,584 on September 15. The company holds 846,000 BTC at an average cost near $76,000, and CEO Phong Le said it grew bitcoin holdings by 11% while reducing convertible debt by 18% to $6.7 billion. Wall Street's consensus price target is $226.20 across 2 strong buys, 12 buys, and 1 hold, while the model's bull scenario reaches $391.94. The thesis hinges on Bitcoin holding above $120,000, a favorable resolution to MSCI delisting risk that Polymarket traders price at 78%, and continued growth in Bitcoin-per-share, which management grew 5% in the second quarter.

Strategy repurchased $139 million of STRC stock, leaving its Bitcoin holdings unchanged and bringing STRC close to par after it traded above $98. The company funded the buyback through a discretionary cash reserve rather than selling any MSTR shares or buying or selling any Bitcoin, so MSTR shareholders were not diluted further. Strategy holds 845,050 Bitcoin, a position that hosts on "The Daily Wolf with Scott Melker" argued rules out insolvency or bankruptcy despite market narratives that the company would be forced to sell $10 billion in Bitcoin a week. The host said he expects STRC to float back to par, adding that he had recommended buying STRC in the 70s or 80s.

Strategy repurchased 1,420,467 shares of its STRC preferred stock for $139.3 million in the week to September 13, according to an 8-K filed with the Securities and Exchange Commission on Monday. That pulled back from the $176.3 million the Bitcoin treasury company spent the previous week, when its board doubled the authorization behind its digital credit securities repurchase program to $2 billion, leaving about $1.05 billion available under that program while a separate $1 billion authorization for MSTR common stock sits untouched. The company bought and sold no Bitcoin during the period, leaving its holdings unchanged at 845,050 BTC for a second consecutive week; Strategy acquired that stack for $63.73 billion at an average price of $75,412 per coin, inclusive of fees. Strategy repurchased none of its STRF, STRK, or STRD preferred shares and bought back no MSTR common stock, while its dollar balances stood at $5.10 billion in the USD Reserve and $1.30 billion in USD Cash as of September 13, down from $1.44 billion a week earlier. The buyback slowdown comes as Strategy awaits word on an MSCI proposal that could strip non-operating companies like Strategy from its global equity benchmarks, with feedback closing September 30 and a decision due October 16.

US Castle has announced a new feature that allows individual account holders to receive dividends on Strategy's preferred stock "STRC" in any desired proportion of cash and bitcoin. The entire dividend can be taken in cash or bitcoin, and once set, the preference automatically applies to future dividends. Strategy pays the dividend in cash, and Castle executes the bitcoin purchase on behalf of the holder based on the settings. STRC is a floating-rate preferred stock with a par value of $100, and the annual dividend rate for entitlement dates after September 2026 is 12%, but it is subject to monthly adjustments and is not a guaranteed yield. Following shareholder approval in June, Strategy now pays dividends twice a month, and Castle is automating execution in line with this cycle.

Strategy has repurchased 176 million of STRC and increased the size of its digital credit securities repurchase program from $1 billion to $2 billion, while still holding 845,050 Bitcoin and $6.5 billion in USD assets. The repurchase aims to push STRC back to par near $100, and the company used its secondary cash reserve rather than diluting shareholders. Meanwhile, Metaplanet shares fell nearly 10% after an option pool review and CEO statement, revealing that the executive pool grew by approximately 273.5 million shares, nearly seven times its original size. In other news, a white-hat hacker exploited a bug in elements, the software underlying Liquid, creating approximately 4,000 LBTC without depositing BTC, and then withdrew nearly 4,000 genuine Bitcoin, about 95% of Liquid's reported reserves. Cronos executed a controversial blockchain rollback to recover crypto worth $111 million, reversing $111.2 million of the exploit and discarding 10,961 blocks. Once-hyped Ethereum rival Harmony wants to shut its blockchain over AI threats, with the remaining organization planning to pivot into an AI video remix economy. A two-key breach could hand control of $91 billion USDT to hackers, as Tether's two-of-three multi-sig setup on Tron poses a risk. Finally, Hunter Biden and his laptop enter the cryptosphere with a new memecoin called Laptop, with a huge part of the pool airdropped to people who lost money on the Trump token.

Strategy has repurchased $176 million of its preferred stock, marking a shift away from its bitcoin-buying strategy. The company also increased its digital credit securities repurchase program from $1 billion to $2 billion. Despite the pivot, Strategy still holds 845,050 Bitcoin and $6.5 billion in USD assets. The repurchase aims to push the preferred stock back to par near $100, with shares trading between $97 and $98. Notably, Strategy funded this buyback using its secondary cash reserve, not its original reserve for dividends and expenses, and did not dilute shareholders. The flexible USD cash declined from approximately $1.61 billion to $1.44 billion, while Bitcoin holdings remained untouched. This move highlights Strategy's unique scale and liquidity to defend its complex capital structure, a capability that imitators may lack.