Michael Saylor Hints at a Fresh Bitcoin Purchase
Michael Saylor has hinted that his company, Strategy (formerly MicroStrategy), may be preparing to buy more Bitcoin, despite corporate Bitcoin treasuries facing a steep decline 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 purchases. “The most important orange dot is always the next,” he wrote, a familiar tease preceding past buying sprees.
The chart records 82 purchase events, with Strategy holding 640,250 BTC, worth around $69 billion at current prices. That marks a 45.6% increase from its aggregate cost basis of $74,000 per Bitcoin.
Strategy Leads Global Bitcoin Treasuries
Data from BitcoinTreasuries.Net confirms that Strategy remains the world’s largest corporate Bitcoin holder, controlling nearly 2.5% of Bitcoin’s total supply.
Following Strategy, MARA Holdings (Marathon Digital) ranks second with 53,250 BTC, while XXI (CEP) holds 43,514 BTC. Japan’s Metaplanet comes fourth with 30,823 BTC, and the Bitcoin Standard Treasury Company (CEPO) holds 30,021 BTC.
Other firms such as Riot Platforms, CleanSpark, Coinbase, and Tesla also maintain sizable Bitcoin reserves. Altogether, the top 15 public companies hold over 900,000 BTC.
Bitcoin Treasury NAVs Plunge
The renewed buying hint comes during a challenging period for Bitcoin treasury firms. According to a 10x Research report, their NAVs have collapsed this year, erasing billions in paper wealth.
Analysts say that the boom in Bitcoin treasury firms, which issued shares trading at large premiums to their BTC value, has “fully round-tripped.” Retail investors are left with steep losses, while firms like Strategy have continued to accumulate real Bitcoin.
This week, Metaplanet’s market capitalization fell below the value of its Bitcoin holdings for the first time, with a market-to-Bitcoin NAV ratio of 0.99, signaling investor caution toward Bitcoin-heavy corporate models.
