Saylor Teases Bitcoin Purchase After Pause Amid Dead Cat Bounce Clash

MicroStrategy has not acquired Bitcoin (BTC) for two weeks, according to its latest SEC filing. However, a recent post by Executive Chairman Michael Saylor has led investors to believe the company may have broken that pause last week.

Saylor shared the phrase “A little more orange” alongside a chart of the firm's holdings. He has used this format before announcing purchases. MicroStrategy discloses any Bitcoin buys 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

On September 14, the company informed the SEC that it did not buy or sell Bitcoin between September 8 and September 13. The prior week's filing showed the same inactivity for the seven days before.

As of September 13, Strategy held approximately 845,050 BTC, acquired for $63.73 billion at an average price of $75,412 per coin.

Its most recent purchase was 4,603 BTC for $369.7 million, announced on August 31. That transaction ended a 10-week pause. BeInCrypto had predicted the restart a day earlier after a similar Saylor hint.

Cash remains the limiting factor. In the week ending September 13, Strategy spent $139.3 million buying back preferred shares instead of Bitcoin, leaving $1.30 billion in its purchase account. The firm has also sold Bitcoin this year to support its share price.

Calacanis Called Bitcoin Boring and Saylor Answered Him

Angel investor Jason Calacanis sparked the debate on Friday. He posted a one-year chart showing Bitcoin down roughly 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-lived price recovery within a larger decline, derived from the idea that even a dead cat will bounce if it falls far enough.

Calacanis argued that Bitcoin is ineffective for payments and smart contracts and no longer captures public excitement. 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 also dismissed the dead cat label and referenced 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

Under a strict market definition, Calacanis's label is inaccurate because a dead cat bounce is only confirmed when the price turns down and breaks the previous low. Bitcoin at $81,292 remains above the roughly $75,000 trough from which it rebounded.

What Calacanis actually expressed was a cultural judgment rather than a chart call, that Bitcoin has stopped gaining new use cases and settled into a dull store of value. That aspect is subjective and cannot be proven or disproven by price data.