Saylor's 'more orange' turns out to be 250 bitcoin, as Strategy spends about nine times as much buying back its own preferred shares

Strategy added 250 bitcoin last week and spent far more on its own preferred stock. The company said in a press release on Monday, October 12, that it bought the coins between October 5 and October 11. It paid about $21.5 million, an average of $86,194 a coin, The Block and BitcoinTreasuries.NET reported from the company's figures.

That takes the total to 848,250 bitcoin, more than 4% of the 21 million that will ever exist. The stash cost about $64 billion including fees, or $75,444 a coin.

The bigger outlay was a buyback. Strategy repurchased 1,932,145 shares of STRC, one of its preferred stocks, for about $192.4 million, roughly nine times what it spent on bitcoin. The bitcoin was paid for almost entirely by selling 125,183 common shares for about $21 million, with $0.5 million coming from cash.

The news follows a hint from executive chairman Michael Saylor, who posted "There's always room for more orange" on X on Sunday. Cryptoweek reported on Sunday that the Columbus Day holiday might hold up a regulatory filing until Tuesday. The company announced the purchase by press release on Monday.

As of October 11, Strategy said it held $4.88 billion in its dollar reserve and $640.5 million in cash. About $354.8 million remains authorized for buying back preferred shares. Its common shares closed at $154.34 on Friday, down 7% on the week, according to The Block.