MicroStrategy has not bought Bitcoin in two weeks, according to its latest regulatory filing with the US Securities and Exchange Commission. However, Executive Chairman Michael Saylor's recent social media post has sparked speculation that the company may have resumed purchases.
Saylor posted a chart of the firm's holdings with the caption "A little more orange," a format he has used before to signal Bitcoin purchases. MicroStrategy reports Bitcoin transactions every Monday.
As of September 13, MicroStrategy held approximately 845,050 BTC, acquired at an average cost of $75,412 per coin for a total of $63.73 billion. The company's last disclosed purchase was 4,603 BTC for $369.7 million on August 31, which ended a 10-week buying pause.
Cash constraints may be limiting the company's purchasing ability. MicroStrategy spent $139.3 million on preferred share buybacks in the week to September 13 and had $1.30 billion remaining in its purchase account.
Bitcoin Debate Heats Up
The speculation comes amid a debate about Bitcoin's utility and cultural relevance. Angel investor Jason Calacanis posted a one-year chart showing Bitcoin down approximately 31% and called it a "dead cat bounce"—a temporary price recovery within a larger decline.
Calacanis argued that Bitcoin works poorly for payments and smart contracts and no longer captures public imagination, comparing it to compact discs in the streaming era.
Saylor responded that Bitcoin is now a $1.6 trillion asset and "the world's most valuable digital asset," with wealth preservation as its primary application. ARK Invest founder Cathie Wood rejected the dead cat characterization, pointing to research on Bitcoin and artificial intelligence convergence.
Technically, Bitcoin's price at $81,292 remains above the $75,000 level from which it rebounded, meaning the dead cat bounce definition is not strictly met by market standards. The disagreement centers on whether Bitcoin has stopped attracting new use cases or remains a valuable store of value.
