Saylor and Strive Want More Bitcoin at a Price 14% Below Strategy’s Average Cost

Strive bitcoin buying is back on the table, and Michael Saylor sounds ready to join in, just hours after BTC touched its lowest price since July.

On Sunday afternoon, Strive CEO Matt Cole posted five words on X: “Bitcoin’s cheap, we want more.” Saylor reposted it minutes after publishing his own message: “This dip could use a little orange.”

Bitcoin had fallen to $61,946 on Coinbase earlier in the day before recovering to about $64,600, according to CoinGecko data at 16:44 Israel time.

For long-term holders, the striking detail is the price. Both companies last bought well above today’s level, and they are still signaling appetite.

The bigger question is whether the two biggest corporate buyers will act this week while another public company has chosen a different path.

What Saylor and Cole Actually Said

Neither post announced a purchase. Saylor’s line is the kind of teaser he often shares before Strategy’s Monday filings, but only a new Form 8-K can confirm a trade, its size and its price.

Cole was more direct. His post stated an intention, not a completed buy.

The timing still matters. The comments arrived on the same day Bitcoin printed its deepest intraday low since July 13, and after US spot Bitcoin ETFs logged a seven-session outflow streak.

We read the posts as a signal of conviction from the companies that have committed the most capital to the asset.

Strategy Bitcoin Holdings Now Sit Below Cost

Strategy’s latest Form 8-K, filed Nov. 9, shows it bought 1,036 BTC between Nov. 2 and Nov. 8 for $81.9 million, an average of $79,012 per coin.

That lifted its stack to 850,364 BTC, bought for $64.16 billion at an average of $75,456, fees included. We first covered that filing when Strategy reached 850,364 Bitcoin.

At $64,600, Bitcoin trades about 14% below Strategy’s average cost and 18% below last week’s purchase price.

On paper, the holdings are worth roughly $54.9 billion, about $9.2 billion less than what Strategy paid. That is a real drawdown, and we will not dress it up.

The latest purchases were funded with stock sales, not Bitcoin-backed loans, so Strategy can wait out the gap.

A return to $75,456 would need a gain of about 17% from here.

Strategy Spent More on STRC Than on Bitcoin Last Week

The same filing contains a detail that is easy to miss. Strategy raised $283.8 million by selling 2,051,348 MSTR shares, yet only $81.9 million went to Bitcoin.

Another $188.3 million bought back 1,887,464 shares of its STRC preferred stock, and $13.6 million went to cash. Some $560.3 million remains available under the preferred repurchase program.

Saylor has framed STRC as the stable layer of the model. On Nov. 14 he wrote that Bitcoin fell 17.3% over the past month while STRC’s price was essentially flat, with dividends lifting its total return to 1.0%.

We see the buyback as defending the credit that funds future Bitcoin purchases. If STRC trades steadily, Strategy keeps a cheaper channel open for the next leg of accumulation.

Strive Keeps Buying in Smaller Steps

Strive’s Nov. 9 filing shows 29 BTC bought between Oct. 31 and Nov. 6 at about $75,721 each, lifting its holdings to 43,153 BTC.

The company still reported $487.6 million in cash and cash equivalents, only $2.8 million less than a week earlier. It also holds 505,000 STRC shares valued at $50.4 million.

That cash pile gives Cole room to act on his post without a new raise. Strive also lifted its SATA dividend to 13.25% effective Dec. 1.

Its latest weekly buy was small, so any larger purchase this week would itself be a meaningful change of pace.

MARA Bitcoin Sales Show the Other Path

Not every corporate holder is adding. MARA’s quarterly report shows that after Sept. 30 it sold 13,597 BTC for about $1.1 billion, an implied average near $80,900.

It used $750 million of that to repay all of its Bitcoin-backed loans, which released 17,477 BTC that had been pledged as collateral.

The sale equals about 40% of the 34,012 BTC MARA held at the end of September. The company sold roughly 26,984 BTC for $1.9 billion in the first nine months of the year as part of its liquidity management.

Those sales happened before this week’s slide, at prices well above today’s. In our view, clearing the loans removes collateral risk from MARA’s remaining coins just as volatility picked up.

It also shows two different jobs for a corporate Bitcoin treasury: a miner managing debt and operating costs, and a dedicated accumulator raising equity to buy.

Can Corporate Buyers Steady Bitcoin Near $62,000?

One week of purchases will not set the price on its own. In our view, spot ETF flows, futures positioning and macro data still carry more weight in the short run.

Still, we would watch three things on Monday: whether Strategy files a new 8-K, whether Strive reports a larger weekly buy, and whether Bitcoin holds above Sunday’s $61,946 low.

A purchase at today’s prices would pull Strategy’s average cost lower. For a company holding 850,364 coins, even modest buys below $75,456 change the math.

We believe that is the real message of Sunday’s posts. The supply is fixed at 21 million, the biggest corporate holders keep calling dips cheap, and every coin they lock away leaves fewer for everyone else.

The coming filings will show whether those words turn into orange dots on Strategy’s chart.