Strategy Executive Chairman Michael Saylor posted "More Orange" on X on Sunday morning, a pattern he has used for months to preview the company's weekly bitcoin acquisitions before a formal Monday announcement.
The signal came - as Bitcoin traded near $78,000, down sharply from its October 2025 all-time high.
The size of any purchase may be significantly constrained. Strategy's common stock fell 6% over the prior week, closing below $150 per share, while its perpetual preferred stock Stretch (STRC) closed at $98.99 on Friday - below the $100 par value at which the company issues shares through its at-the-market program.
How Strategy Funds Bitcoin Purchases
Strategy has built its bitcoin treasury by raising capital through at-the-market sales of common and preferred stock. STRC, launched in July 2025, was designed to behave like a short-duration, high-yield instrument, with a variable dividend rate adjusted monthly to keep the stock trading near $100 par.
When STRC trades below par, Strategy cannot issue new shares through that ATM channel without selling at a discount. The company raised the February dividend rate by 25 basis points to 11.25% on Sunday, the sixth increase since STRC's debut.
The adjustment is intended to attract buyers and push the price back toward par, but the outcome is not guaranteed.
Read also: CryptoQuant CEO Says Bitcoin's Capital Inflows Have Dried Up As PnL Index Turns Bearish
What the Numbers Show
Strategy held 712,647 bitcoin as of the most recent disclosure, acquired at an average cost of $76,037 per coin.
The company added roughly 39,000 BTC since the start of the year, funded primarily through common stock and STRC sales during periods when both instruments traded at or above their respective issuance thresholds.
The company holds $2.25 billion in cash reserves, but that capital is earmarked for preferred stock dividends and debt interest obligations - not bitcoin purchases. Total annualized dividend obligations across Strategy's perpetual preferred offerings run approximately $887 million per year.
With both the common stock and STRC under price pressure, the company's ability to raise fresh capital for bitcoin acquisition is materially reduced until market conditions improve or the dividend adjustment draws sufficient demand back to STRC.