Michael Saylor’s Strategy Signals New Bitcoin Buy After $1B Preferred Stock Offering

Michael Saylor’s firm, Strategy (formerly known as MicroStrategy), is ramping up its Bitcoin acquisition strategy once again. The company recently posted a chart on X (formerly Twitter/X) with the message “Send more Orange,” a long-standing signal from Saylor that a fresh Bitcoin purchase is imminent. This comes on the heels of Strategy raising about $1 billion through a preferred stock offering tailored for institutional investors, aimed at funding additional Bitcoin purchases alongside general corporate needs.

This new capital injection builds upon Strategy’s aggressive acquisition pace. In a prior move, the company recently added 705 BTC, worth approximately $75 million at an average price of $106,495 each, bringing its total Bitcoin holdings to 580,955 BTC—valued around $61.4 billion. Market data confirms this places Strategy as the largest publicly known corporate custodian of Bitcoin, dwarfing the holdings of both the U.S. government and China combined.

Notably, the preferred stock shares are designed for yield-seeking investors, offering a 10% non‑cumulative dividend with no maturity date—a structure praised by institutional buyers for predictable returns. This financial engineering reflects a novel way for Strategy to tap capital markets while avoiding direct dilution of its common equity. The premium investors are willing to pay for Strategy shares reflects belief in both the firm’s core software business and its Bitcoin treasury approach.

Still, not everyone is convinced. Critics point out that bullish positioning may already be priced into Strategy’s share price, and some have raised concerns about the lack of transparent proof-of-reserves despite the massive BTC accumulation. While this strategy has undeniably reshaped Bitcoin’s institutional landscape, particularly by spawning similar moves from companies like GameStop and MetaPlanet, its long-term sustainability depends on continued market confidence, yield performance, and broader institutional embrace.