Strategy délaisse le graphique Bitcoin, les rachats d'actions l'emportent sur les achats de BTC

Strategy (MSTR) chairman Michael Saylor did not post his customary Sunday bitcoin tracker this week, leaving bitcoin watchers to read a pause into the silence. Saylor was still active on X on Sunday, calling bitcoin "the moat" in a reply to Jack Dorsey, but the orange-dot chart that usually precedes a purchase disclosure did not appear. MSTR traded at $146.01, down 4.87% on the day within a $144.21-$152.21 range, as of 22:02 UTC today. Bitcoin changed hands at $80,293, down 0.12% over 24 hours, on a $1.61T market cap and $12.90B of 24-hour volume.

Context — Why the Missing Chart Matters Now

For more than a year, Saylor has posted a snapshot of Strategy's bitcoin tracker to X almost every Sunday. The chart plots the value of the company's holdings over time, and each orange dot marks a purchase. The graphic has historically come before a Monday 8-K filing confirming that Strategy bought bitcoin the previous week.

The caption changes weekly, but the message is usually the same: more coins are coming. Over the past two weeks, Saylor captioned the chart with variations on finding room for more orange, and both posts were followed by purchase disclosures.

The pattern is not a fixed rule. In July, after a large bitcoin sale, Saylor posted the tracker with an unusually vague caption saying the orange dots tell only part of the story. The post a week earlier had come before the largest sale in company history. A missing chart suggests a pause, but it does not prove one.

The timing matters because Strategy reports third-quarter results on Thursday. The fair value of the company's bitcoin was already above its cost basis as of September 30, so the headline profit should hold few surprises. What management says about funding, dividends and the balance between buybacks and bitcoin purchases is likely to carry more weight.

Strategy sits at the centre of the corporate-treasury bitcoin trade, and it has been a steady buyer through much of this cycle. If its weekly purchases stay small, the market loses a reliable source of demand. That is why a single skipped chart draws attention from traders watching crypto markets.

Data — What the Numbers Show

The size of recent purchases is the bigger story. Strategy bought 267 BTC for about $22.1 million at an average of $82,900 per coin in the week to October 18. That followed a 250 BTC purchase for about $21.5 million the week before. Earlier in the year, single weekly purchases topped 20,000 BTC.

The latest purchase was funded almost entirely by selling 140,872 MSTR shares through the company's at-the-market program. Over the same week, the company spent far more on its own securities. It used $193.1 million to buy back 1.94 million shares of its STRC preferred stock, and the board raised its digital credit securities repurchase program from $2 billion to $3 billion.

Item	Latest week	Prior week
BTC purchased	267 BTC	250 BTC
Spend on BTC	~$22.1M	~$21.5M
Average price	$82,900	Not disclosed

STRC is one of Strategy's preferred shares, which pay holders a regular dividend. Buying them back below their $100 face value reduces the company's future dividend costs.

Strategy has also sold bitcoin this year. It reported selling 32 BTC in early June, its first disclosed sale since a 2022 tax-loss transaction. It then sold 3,588 BTC for about $216 million to fund preferred stock distributions and top up its US dollar reserve. A further 1,638 BTC was sold between July 27 and August 2 at an average of $63,957, with the proceeds split between preferred dividends and STRC buybacks.

Even so, Strategy's holdings stand at 848,517 BTC, bought for about $64 billion at an average of $75,446 per coin, more than 4% of bitcoin's total supply. Against bitcoin's $80,293 spot price, that average cost basis sits well below the current market.

Analysis — What It Means for Markets and Tickers

The shift in capital allocation is the signal. Strategy spent $193.1 million on STRC buybacks in a week when it committed roughly $22.1 million to bitcoin. That is a roughly nine-to-one tilt toward retiring preferred stock over adding coins.

Buying STRC below its $100 face value cuts future dividend obligations. For a company whose preferred holders expect regular distributions, that reduces a recurring cash drain. It also preserves the USD Reserve that funds those dividends: $4.88 billion as of October 4, with $833.4 million in USD Cash.

MSTR itself is the most directly exposed ticker. Its equity now trades as a levered proxy on both bitcoin and the company's own capital structure. The 4.87% decline to $146.01 on the day, inside a $144.21-$152.21 range, shows how quickly sentiment can move on a single unfilled signal.

The counter-argument is straightforward. A pause would not be new. In September, Saylor's chart returned after a two-week buying break, and purchases resumed. The company also has the money to buy. A larger purchase disclosed on Monday would undercut the slowdown story entirely.

Positioning reflects that tension. Traders who read the missing chart as a pause are leaning short or reducing exposure; those who expect a resumed purchase are treating the silence as noise. The flow will be settled by the filing, not by interpretation. For context on how treasury-holding vehicles trade around equity markets, the buyback-versus-buybitcoin split is the variable to track.

Outlook — What to Watch Next

The first test is Monday's 8-K filing, which will show whether Strategy bought, sold or held bitcoin last week, and how much it spent on buybacks. That single document resolves the question the missing chart opened.

Next come third-quarter results. Strategy reports after the US close on Thursday, October 29, and will host a live webinar at 5:00 p.m. Eastern Time. Management's comments on funding, dividends and the balance between buybacks and bitcoin purchases are likely to matter more than the headline profit.

On the price side, MSTR's $144.21 low from today's range is the nearest reference point if selling continues. Bitcoin's $80,293 level is the spot print traders are working against. The report does not name specific support or resistance levels, so the recent range extremes are the only anchors available.

Frequently Asked Questions

What does the missing bitcoin chart mean for retail investors?

Saylor's orange-dot chart has historically preceded a Monday 8-K confirming a purchase, so its absence suggests Strategy may have paused buying. It is a signal, not a confirmation. The Monday filing will settle the question. Retail holders should treat the chart as one input among many, alongside the buyback figures and the company's $4.88 billion USD Reserve as of October 4.

Why is Strategy buying back STRC preferred stock instead of bitcoin?

STRC is a preferred share paying a regular dividend. Buying it back below its $100 face value reduces Strategy's future dividend costs and preserves cash for distributions. In the week to October 18, the company spent $193.1 million on STRC buybacks versus roughly $22.1 million on 267 BTC, and the board raised its repurchase program from $2 billion to $3 billion.

What happens next for Strategy and MSTR?

Two catalysts decide the near term. Monday's 8-K will show whether Strategy bought, sold or held bitcoin last week. Third-quarter results follow on Thursday, October 29, with a webinar at 5:00 p.m. Eastern Time. Management's guidance on funding and the buyback-versus-bitcoin balance will shape how MSTR trades from its $146.01 level.

Bottom Line

Watch the size of Strategy's next bitcoin purchase, not just whether one appears.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. CFD trading carries high risk of capital loss.