Saylor hints MicroStrategy may have resumed Bitcoin buys after dead-cat debate

MicroStrategy has not reported buying Bitcoin for two weeks, but Executive Chairman Michael Saylor appeared to suggest the pause may have ended last week by posting "A little more orange" above a chart of the company's holdings. Saylor has used that format before purchase disclosures, and MicroStrategy reports Bitcoin purchases each Monday. The company told the US Securities and Exchange Commission on September 14 that it neither bought nor sold Bitcoin between September 8 and September 13. A filing the previous week reported the same result for the preceding seven days. MicroStrategy held roughly 845,050 BTC as of September 13. It paid $63.73 billion for that holdings total, at an average of $75,412 per coin. Its latest reported purchase was 4,603 BTC for $369.7 million, disclosed on August 31, ending a 10-week pause. The company spent $139.3 million buying back preferred shares in the week to September 13 instead of buying Bitcoin. That left $1.30 billion in the account it uses for purchases. The company has also sold Bitcoin this year to support its share price. Jason Calacanis started the debate on Friday by posting a one-year chart showing Bitcoin down about 31% and saying that the dead cat continued to bounce. A dead cat bounce is a short price recovery within a larger decline. Calacanis said Bitcoin works poorly for payments and smart contracts and no longer excites the public, comparing it with compact discs in the streaming era. Saylor responded that Bitcoin had grown since 2011 into a $1.6 trillion success and the world's most valuable digital asset. He said digital capital was its key application and that preserving wealth across generations was a greater ambition than entertaining a dinner party. Cathie Wood, founder of ARK Invest, also rejected the dead-cat description and referred to her firm's research on Bitcoin and artificial intelligence. The article says the label does not meet the strict market definition because a dead cat bounce is confirmed only when the price falls again and breaks its previous low. Bitcoin was priced at $81,292 as of the article's writing, above the roughly $75,000 low from which it rebounded. The article characterizes Calacanis's broader argument as a cultural judgment that Bitcoin has stopped gaining new use cases and become a boring store of value, rather than a chart-based claim that price data can establish or disprove.