MicroStrategy's Saylor Signals Bitcoin Buying May Have Restarted After 'Dead Cat' Spat

MicroStrategy has gone two consecutive weeks without reporting any Bitcoin purchases, but Executive Chairman Michael Saylor is fueling speculation that the lull may have ended. Over the weekend, Saylor posted "A little more orange" alongside a chart of the company's Bitcoin holdings—a format he has previously used ahead of purchase disclosures. MicroStrategy typically reports its Bitcoin activity on Mondays. In a filing with the U.S. Securities and Exchange Commission dated September 14, the company said it neither bought nor sold Bitcoin between September 8 and September 13. The prior week's filing showed the same outcome for the preceding seven-day period. As of September 13, MicroStrategy held about 845,050 BTC. The company said it paid $63.73 billion for the position, implying an average purchase price of $75,412 per coin. Its most recent disclosed buy was 4,603 BTC for $369.7 million, reported on August 31, which ended a 10-week pause. Instead of adding Bitcoin in the week to September 13, MicroStrategy spent $139.3 million to repurchase preferred shares. That left $1.30 billion in the account it uses for purchases. The company has also sold Bitcoin at points this year to support its share price. The renewed focus on Saylor's strategy comes after a social media flare-up sparked by investor Jason Calacanis. On Friday, Calacanis posted a one-year chart showing Bitcoin down about 31% and said the "dead cat" was still bouncing—a reference to the term "dead cat bounce," meaning a brief rebound during a broader decline. Calacanis argued Bitcoin is ineffective for payments and smart contracts and no longer captures public interest, likening it to compact discs in the streaming era. Saylor pushed back, saying Bitcoin has grown since 2011 into a roughly $1.6 trillion success and the world's most valuable digital asset. He described "digital capital" as Bitcoin's core use case and framed wealth preservation across generations as a higher ambition than "entertaining a dinner party." ARK Invest founder Cathie Wood also rejected the "dead cat" characterization, pointing to her firm's research on Bitcoin and artificial intelligence. The article notes that the "dead cat bounce" label does not meet the strict market definition unless the price falls again and breaks the prior low. At the time of writing, Bitcoin was at $81,292—above the roughly $75,000 low from which it had rebounded. It further frames Calacanis's critique less as a chart-based conclusion and more as a cultural judgment: that Bitcoin has stopped developing new use cases and has settled into a "boring" store of value, a claim that price data alone cannot conclusively prove or refute.