Michael Saylor Hints at More MicroStrategy Bitcoin Buys After “Dead Cat Bounce” Debate
MicroStrategy has not bought Bitcoin (BTC) in two weeks, its most recent regulatory filing shows. In his latest post, however, Executive Chairman Michael Saylor has investors betting the company may have broke that pause last week.
Saylor wrote “A little more orange” above a chart of the firm’s holdings. He has used that format before purchase disclosures. MicroStrategy reports any Bitcoin buying every Monday.
A little more orange. pic.twitter.com/Z3n9jDAEpn
— Michael Saylor (@saylor) September 20, 2026
Strategy’s Bitcoin Holdings Have Not Moved Since August
The company told the US Securities and Exchange Commission (SEC) on September 14 that it neither bought nor sold Bitcoin between September 8 and September 13. Its filing a week earlier reported the same for the previous seven days.
Strategy held roughly 845,050 BTC as of September 13. It paid $63.73 billion for that stack, an average of $75,412 per coin.
Its last purchase was 4,603 BTC for $369.7 million, disclosed on August 31. That deal ended a 10-week pause. BeInCrypto called the restart the day before it was announced, after a similar Saylor teaser.
Cash is the constraint. Strategy spent $139.3 million buying back preferred shares in the week to September 13 rather than buying Bitcoin. That left $1.30 billion in the account it uses for purchases. The firm has also sold Bitcoin to support that share price this year.
Calacanis Called Bitcoin Boring and Saylor Answered Him
Angel investor Jason Calacanis started the argument on Friday. He posted a one-year chart showing Bitcoin down about 31% and wrote that the dead cat continues to bounce.
The dead cat continues to bounce. What is Bitcoin, 17 years later? It’s not great for transactions or smart contracts; the user experience is still intimidating for most, and it’s no longer capturing the public’s imagination. If it comes up at the dinner party, it's… pic.twitter.com/fS5cAodSFm
— @jason (@Jason) September 18, 2026
A dead cat bounce is a short price recovery inside a bigger decline, named for the idea that even a dead cat bounces if it falls far enough.
Calacanis said Bitcoin works poorly for payments and smart contracts and no longer excites the public. He compared it to compact discs in the streaming era.
“Jason, you’ve watched Bitcoin grow since 2011. It’s now a $1.6 trillion success and the world’s most valuable digital asset. Digital Capital is the killer app. Preserving wealth across generations is a bigger ambition than entertaining a dinner party. The orange tie stays,” Saylor challenged.
ARK Invest founder Cathie Wood equally rejected the dead cat label and pointed to her firm’s research on Bitcoin and artificial intelligence.
Bitcoin is not a dead cat, @Jason ! It has many lives ahead. Check out our latest Bitcoin Brainstorm with @bitcoinpark_ focused on the convergence between AI and Bitcoin. https://t.co/4i2ZFyUjAx
— Cathie Wood (@CathieDWood) September 19, 2026
By the strict market definition, Jason’s label does not fit, because a dead cat bounce is only confirmed when price rolls over and breaks the old low. Bitcoin price at $81,292 as of this writing is still above the roughly $75,000 dip it rebounded from.
What he actually argued is a cultural verdict rather than a chart call, that Bitcoin stopped winning new use cases and settled into a boring store of value. That part is opinion, not something the price data can prove or disprove.
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