Michael Saylor, founder and executive chairman of Strategy Inc. (Nasdaq: MSTR), shared a bitcoin acquisition chart on X on Nov. 8 showing 849,327 BTC valued at $64.44 billion. Accompanying his bitcoin holdings chart, he stated: “Connecting the dots.” The displayed balance matched the company’s holdings disclosed the previous week.

SaylorTracker’s acquisition graphic listed 120 purchase events since August 2020 and an average cost of $75,446 per bitcoin. Orange circles marked purchases against the price history, while a dashed green line tracked the average acquisition cost. Strategy’s Nov. 2 filing reported a companywide average of $75,451, including fees and expenses.

Michael Saylor’s Nov. 8 update showed Strategy’s purchases across bitcoin’s price history. Source: Michael Saylor/X.

His message followed a similar orange-themed acquisition signal on Nov. 1, when he shared a chart showing 848,517 BTC worth approximately $66 billion. Strategy disclosed another purchase the following day. That 811 BTC acquisition covered Oct. 26-Nov. 1, preceding the Nov. 2-8 period.

Similar charts have also preceded updates without bitcoin purchases. On July 26, Saylor shared the tracker before Strategy disclosed $25 million in STRC repurchases and a $525 million increase in its dollar reserve, with no bitcoin bought that week. The Nov. 8 chart alone establishes neither a new acquisition nor a buying pause.

During Oct. 26-Nov. 1, Strategy’s latest disclosed bitcoin purchase added 811 BTC for approximately $65.5 million, at an average of $80,846 per coin. Common-stock sales generated $164 million in net proceeds during the period. Of that amount, $65.5 million funded the acquisition, while $98.5 million went into cash.

According to its investor briefing on treasury finances, Strategy also repurchased $208.2 million of STRC, its variable-rate Stretch preferred stock, that week. Dollar assets totaled approximately $4.92 billion as of Nov. 1, including a $4.79 billion reserve and $132.7 million in separate cash. The reserve supported preferred dividends and debt interest, while separate cash was available for broader corporate purposes.

Despite the higher coin balance, the chart’s $64.44 billion valuation was below the approximately $66 billion displayed a week earlier. A larger position increases its dollar exposure to bitcoin price volatility. At 849,327 BTC, each $1,000 price movement changes the holdings’ market value by approximately $849.3 million, assuming the balance stays constant.

On Nov. 5, Saylor shared a comparison of equity and bitcoin losses. He said the S&P 500 fell 4.4%, the Nasdaq declined 5.5%, and bitcoin dropped about 5% that day. Against those declines, he highlighted STRC’s $99.56 closing price, just below its $100 stated amount.

STRC had returned to its $100 benchmark on Nov. 4 following months of repurchases and the introduction of daily dividend accrual. Dividends accumulate each calendar day, including weekends and holidays, with payments generally processed on business days. Trading above that level could support new share issuance to fund bitcoin acquisitions, subject to management decisions and market conditions.

Those financing tools featured in Saylor’s Nov. 7 historical account of bitcoin financing, which linked transferable shares, preferred stock, and securities issuance to Strategy’s model. The model combines bitcoin reserves with corporate securities carrying different ownership and payment rights. Its initial Stretch offering closed in July 2025, raising approximately $2.521 billion before expenses, with net proceeds funding 21,021 BTC.

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