Michael Saylor, Executive Chairman of Strategy, the world’s largest corporate holder of Bitcoin (BTC), posted a cryptic message on February 11 that has reignited speculation about another major Bitcoin purchase.
₿ig Orange. pic.twitter.com/VmFz8nI1uq
— Michael Saylor (@saylor) January 11, 2026
“Big Orange” Sparks Bitcoin Accumulation Speculation
Michael Saylor shared the phrase “Big Orange” on X, a term that market participants closely associate with Strategy’s past announcements of large Bitcoin acquisitions. Historically, similar posts have preceded official disclosures of new BTC purchases, making the message a widely interpreted signal that additional buying may be imminent.
Strategy currently holds 673,783 BTC, valued at approximately $61.25 billion at current market prices. According to company disclosures, the firm’s average acquisition cost stands at $75,026 per BTC, while Bitcoin is trading near $91,000, placing the company in a substantial unrealized profit position.
The company’s most recent confirmed purchase took place on January 5, when Strategy acquired 1,286 BTC for approximately $116 million, at an average price of $88,568 per coin. This followed a series of smaller, incremental purchases made from late last year into early 2025, reinforcing the firm’s disciplined accumulation strategy.
Equity-Funded Bitcoin Treasury Strategy
Strategy continues to finance its Bitcoin acquisitions primarily through equity sales, creating a direct linkage between its stock performance and its ability to accumulate BTC. As of mid-2025, the company reported that 83% of its corporate strategy is focused on Bitcoin accumulation, underscoring its commitment to BTC as a long-term treasury reserve asset.
Public filings indicate that Strategy still has approximately $11.6 billion in remaining equity issuance capacity, providing significant flexibility to continue buying Bitcoin regardless of short-term market volatility. In addition, the firm maintains roughly $2.25 billion in reserves, enough to cover more than two years of dividend obligations.
Bitcoin prices are currently consolidating around the $91,000 level, while Strategy’s holdings account for roughly 3.2% of Bitcoin’s total supply, making it the largest corporate Bitcoin holder globally.
The company’s so-called “Orange Dot” strategy has influenced more than 100 companies to adopt similar Bitcoin-focused treasury models. However, critics warn that heavy concentration in a single asset exposes firms to regulatory scrutiny and increased stock price volatility.
As broader crypto markets remain active, some investors are beginning to explore diversification into other cryptocurrencies such as Ethereum (ETH) or emerging cryptos with higher growth potential.
