Michael Saylor has once again hinted that his company, Strategy (formerly MicroStrategy), may be preparing to buy more Bitcoin, even as corporate Bitcoin treasuries face mounting pressure from a sharp drop in net asset values (NAV).
In a Sunday post on X, Saylor shared a chart from the Saylor Bitcoin Tracker, showing Strategy’s cumulative Bitcoin (BTC) purchases. “The most important orange dot is always the next,” he also wrote.
The chart, tracking 82 separate purchase events, lists Strategy’s holdings at 640,250 BTC, worth around $69 billion at current prices, up 45.6% from its aggregate cost basis of $74,000 per coin.
The post has fueled speculation among traders that another Bitcoin purchase could be imminent. In the past, similar cryptic posts have preceded buying announcements from Strategy.
Related: Strategy added 220 BTC for $27.2M last week as Bitcoin posted new highs
Strategy leads global Bitcoin treasuries
According to data from BitcoinTreasuries.Net, Strategy remains the world’s dominant Bitcoin-holding corporation with 640,250 BTC. The firm’s holdings represent nearly 2.5% of Bitcoin’s total supply, surpassing the combined reserves of top 15 public miners and corporate treasuries.
In second place is MARA Holdings (Marathon Digital) with 53,250 BTC worth approximately $5.7 billion, followed by XXI (CEP) in third with 43,514 BTC valued at $4.7 billion. Japan’s Metaplanet (MTPLF) ranks fourth with 30,823 BTC, while the Bitcoin Standard Treasury Company (CEPO) rounds out the top five at 30,021 BTC.
The data also shows that several US-listed firms, including Riot Platforms, CleanSpark, Coinbase and Tesla, maintain smaller but still substantial Bitcoin positions. The top 15 public companies collectively hold over 900,000 BTC.
Related: Why Saylor’s Strategy keeps buying Bitcoin: The long-term bet, explained
Bitcoin treasury NAVs collapse
The post follows a turbulent year for corporate Bitcoin treasuries. In a recent report, 10x Research revealed that Bitcoin treasury firms have seen their NAVs collapse, wiping out billions in paper wealth.
Analysts said the boom in Bitcoin treasury companies, which issued shares at multiples of their actual BTC value, has “fully round-tripped,” leaving retail investors deep in losses while firms accumulated real Bitcoin.
On Tuesday, Metaplanet saw its enterprise value fall below the value of its Bitcoin holdings for the first time. The company’s market-to-Bitcoin NAV ratio dropped to 0.99, signaling that investors now value the firm at less than the worth of its underlying BTC reserves.
Magazine: Back to Ethereum — How Synthetix, Ronin and Celo saw the light