Michael Saylor has once more suggested that his firm, Strategy (previously MicroStrategy), might be getting ready to acquire additional Bitcoin, despite the increasing pressure on corporate Bitcoin reserves due to a significant decline in net asset values (NAV).
In a Sunday post on X, Saylor presented a chart from the Saylor Bitcoin Tracker, displaying Strategy’s total Bitcoin (BTC) acquisitions. “The most crucial orange dot is always the next,” he added.
The chart, detailing 82 different purchasing events, indicates that Strategy holds 640,250 BTC, valued at approximately $69 billion at current market prices, marking a 45.6% increase from its overall cost basis of $74,000 per coin.
This post has sparked speculation among traders that another Bitcoin acquisition may be on the horizon. Historically, similar ambiguous posts have preceded purchase announcements from Strategy.
Related: Strategy added 220 BTC for $27.2M last week as Bitcoin reached new highs
Strategy dominates global Bitcoin treasuries
According to data from BitcoinTreasuries.Net, Strategy continues to be the leading Bitcoin-holding corporation worldwide with 640,250 BTC. The firm’s assets constitute nearly 2.5% of Bitcoin’s total supply, exceeding the combined reserves of the top 15 public miners and corporate treasuries.
In second place is MARA Holdings (Marathon Digital) with 53,250 BTC, valued at about $5.7 billion, followed by XXI (CEP) with 43,514 BTC worth $4.7 billion. Japan’s Metaplanet (MTPLF) is fourth with 30,823 BTC, while the Bitcoin Standard Treasury Company (CEPO) rounds out the top five at 30,021 BTC.
The data also indicates that several US-listed companies, including Riot Platforms, CleanSpark, Coinbase, and Tesla, maintain smaller, yet still significant, Bitcoin holdings. The top 15 public companies collectively possess over 900,000 BTC.
Related: Why Saylor’s Strategy continues to buy Bitcoin: A long-term perspective, explained
Bitcoin treasury NAVs decline
This post follows a challenging year for corporate Bitcoin treasuries. A recent report by 10x Research indicated that Bitcoin treasury firms have experienced a collapse in their NAVs, erasing billions in paper wealth.
Analysts noted that the surge in Bitcoin treasury companies, which issued shares at multiples of their actual BTC value, has now “fully round-tripped,” leaving retail investors with significant losses while firms accumulated tangible Bitcoin.
On Tuesday, Metaplanet reported that its enterprise value fell below the value of its Bitcoin assets for the first time. The firm’s market-to-Bitcoin NAV ratio decreased to 0.99, indicating that investors now value the company at less than the worth of its Bitcoin reserves.
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