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 increasing pressure from a sharp decline in net asset value (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 one,” he also wrote.
This chart, which tracked 82 separate purchase events, lists Strategy’s holdings at 640,250 BTC, equivalent to approximately $69 billion at current prices and a 45.6% increase from its total cost basis of $74,000 per coin.
The post has fueled speculation among traders that additional Bitcoin purchases are imminent. Similar cryptic posts have appeared in the past prior to announcements of purchases from Strategy.
Saylor hinted at future Bitcoin purchases. sauce: michael saylor
Related: Last week, the strategy added 220 BTC for $27.2 million as Bitcoin hit new highs
Strategy Leads Global Bitcoin Government Bonds
According to data from BitcoinTreasuries.Net, Strategy remains the world’s dominant Bitcoin holder with 640,250 BTC. The company’s holdings represent about 2.5% of the total Bitcoin supply, and are larger than the holdings of the top 15 public mining companies and corporate treasuries combined.
In second place is MARA Holdings (Marathon Digital) with a value of 53,250 BTC, worth approximately $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 Bitcoin Standard Treasury Company (CEPO) rounds out the top five with 30,021 BTC.
The data also shows that several US-listed companies, including Riot Platforms, CleanSpark, Coinbase, and Tesla, maintain small but still significant Bitcoin positions. The top 15 listed companies collectively hold over 900,000 BTC.
Top 15 Bitcoin Finance Companies. Source: BitcoinTreasuries.Net
Related: Why Saylor Strategy keeps buying Bitcoin: Explaining the long-term bet
Bitcoin Treasury NAV collapses
This post comes after a tumultuous year for corporate Bitcoin finances. 10x Research revealed in a recent report that Bitcoin treasury companies experienced NAV collapses, wiping out billions of dollars in paper assets.
Analysts said the boom in Bitcoin treasury companies issuing stocks at multiples of Bitcoin’s actual value has “come full circle,” with retail investors suffering heavy losses while companies accumulate real Bitcoin.
On Tuesday, Metaplanet’s corporate value fell below the value of its Bitcoin holdings for the first time. The company’s market-to-Bitcoin NAV ratio has fallen to 0.99, indicating that investors currently value the company less than the value of its underlying BTC reserves.
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