Michael Saylor has once again suggested that his company, Strategy (formerly MicroStrategy), might be gearing up to acquire more Bitcoin, despite corporate Bitcoin treasuries facing increasing pressure from a significant drop in net asset values (NAV).
In a Sunday post on X, Saylor shared a chart from the Saylor Bitcoin Tracker highlighting Strategy’s cumulative Bitcoin (BTC) purchases. “The most important orange dot is always the next,” he added.
The chart, which tracks 82 separate purchase events, shows Strategy’s holdings at 640,250 BTC, valued at approximately $69 billion at current prices, reflecting a 45.6% increase from its aggregate cost basis of $74,000 per coin.
This post has sparked speculation among traders that a new Bitcoin purchase could be on the horizon. In the past, similar vague 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 leading Bitcoin-holding corporation with 640,250 BTC. The firm’s holdings account for nearly 2.5% of Bitcoin’s total supply, surpassing the combined reserves of the top 15 public miners and corporate treasuries.
In the second position is MARA Holdings (Marathon Digital) with 53,250 BTC worth about $5.7 billion, followed by XXI (CEP) in third place 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) completes the top five with 30,021 BTC.
The data also reveals that several US-listed companies, including Riot Platforms, CleanSpark, Coinbase, and Tesla, hold smaller yet substantial Bitcoin positions. The top 15 public companies collectively own 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. A recent report from 10x Research revealed that Bitcoin treasury firms have experienced a collapse in their NAVs, leading to billions in paper losses.
Analysts indicate that the surge in Bitcoin treasury companies, which issued shares at multiples of their actual BTC value, has “fully round-tripped,” leaving retail investors with significant losses while firms accumulated real Bitcoin.
On Tuesday, Metaplanet saw its enterprise value drop below the value of its Bitcoin holdings for the first time. The company’s market-to-Bitcoin NAV ratio fell to 0.99, indicating that investors are now valuing the firm at less than the worth of its underlying BTC reserves.
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