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Michael Saylor has said, \u201cThe bull market is calling,\u201d as Bitcoin has risen to around $84,550, while Strategy has spent more on buying back preferred shares than on buying Bitcoin.<\/p>\n
\n Summary<\/span>\n <\/p>\n <\/p>\n Michael Saylor posted<\/a> the message on X on Oct. 21 alongside a 20-second video depicting a bull in a suit approaching him as he sleeps. The Strategy executive chairman offered the bullish caption without attaching a price target or a date for Bitcoin\u2019s next move.<\/p>\n In a separate X post<\/a>, trader Altcoin Sherpa questioned whether Bitcoin\u2019s latest push above a horizontal resistance line would hold.<\/p>\n \u201c$BTC is super strong\u2026breakout real??\u201d<\/p>\n His accompanying chart shows a move through the lower of two marked resistance lines, with another level above the latest candles. The post frames the breakout as a question and does not declare a confirmed reversal.<\/p>\n <\/p>\n CoinGecko shows Bitcoin was trading at $84,554.27, up 2.4% over 24 hours. Its daily trading range ran from $82,296.14 to $84,719.92, leaving BTC less than $166 below the session high.<\/p>\n A previous assessment by trader Ardi identified $84,200 as the level Bitcoin needed to clear to break its local bearish structure, as crypto.news reported in an Oct. 20 article on Bitcoin\u2019s recovery resistance<\/a>. The assessment followed a rebound from a weekly low near $79,800.<\/p>\n Against the newer CoinGecko snapshot, BTC stood approximately $354 above Ardi\u2019s threshold. The comparison uses his previously published level; it does not establish that he has issued a fresh assessment of Wednesday\u2019s move.<\/p>\n The Oct. 20 report recorded an earlier CoinGecko snapshot of $82,601.56 and a daily high of $83,249.46. Wednesday\u2019s newer observation was roughly 2.36% above that earlier price, although the two snapshots do not represent matching daily closing prices.<\/p>\n Ardi\u2019s earlier assessment said he would consider long positions toward the top of the trading range after a break above his threshold. The condition concerned Bitcoin\u2019s sequence of lower highs, according to the dated assessment.<\/p>\n At $84,554.27, Bitcoin would need a gain of approximately 18.3% to reach $100,000. Saylor\u2019s Oct. 21 caption does not specify that target, and Altcoin Sherpa\u2019s post offers no timetable for a six-figure price.<\/p>\n Strategy\u2019s Oct. 19 Form 8-K records<\/a> purchases of 267 BTC for $22.1 million during Oct. 12\u201318, at an average price of $82,900 including fees and expenses. The company reported total holdings of 848,517 BTC, acquired for $64.02 billion at an average cost of $75,446.<\/p>\n The filing identifies the money behind that week\u2019s purchases. Common-share sales supplied $22 million, with $100,000 coming from cash. No sales appeared in the four listed preferred-stock ATM programs during the period.<\/p>\n Over the same week, Strategy spent $193.1 million repurchasing STRC. Dividing that spending by the $22.1 million Bitcoin purchase gives a ratio of approximately 8.7 to one.<\/p>\n The board raised its digital credit securities repurchase authorization from $2 billion to $3 billion, including earlier purchases. After the change, $1.16 billion remained available as of Oct. 18, according to the filing.<\/p>\n Fidelity Digital Assets analyst Zack Wainwright described the preferred-stock funding model<\/a> in an Oct. 20 report. Companies sell income-paying shares and use the proceeds to accumulate Bitcoin, with the economics depending on the cryptocurrency\u2019s appreciation exceeding the cost of the yield.<\/p>\n Fidelity counted 135,979 BTC accumulated through those products as of Oct. 5. The figure covers the financing channel discussed in its report, not Strategy\u2019s total Bitcoin holdings or its purchases during the latest reporting week.<\/p>\n Between March and May, preferred issuance financed more than 95,000 BTC in purchases and raised over $7 billion, the report said. Fidelity compared the channel with spot Bitcoin exchange-traded products, which accumulated 888,185 BTC during their first year after launching in January 2024.<\/p>\n The report cautioned that Bitcoin-focused preferred shares are not equivalents of money market funds. Their success depends on the long-term performance of Bitcoin and the companies issuing the securities.<\/p>\n\n\n
Bitcoin trades near the top of its daily range<\/h2>\n
Strategy buys 267 BTC while repurchasing preferred shares<\/h2>\n
Preferred-stock funding has financed 135,979 Bitcoin purchases<\/h2>\n
Strategy lists a 12% variable dividend for STRC<\/h2>\n