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).<\/p>\n
In a Sunday post<\/a> on X, Saylor shared a chart from the Saylor Bitcoin Tracker, showing Strategy\u2019s cumulative Bitcoin (BTC<\/a>) purchases. \u201cThe most important orange dot is always the next,\u201d he also wrote.\u00a0\u00a0<\/p>\n The chart, tracking 82 separate purchase events, lists Strategy\u2019s 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.<\/p>\n The post has fueled speculation among traders that another Bitcoin purchase could be imminent. In the past, similar cryptic posts have preceded buying announcements<\/a> from Strategy.<\/p>\n Related: <\/strong><\/em>Strategy added 220 BTC for $27.2M last week as Bitcoin posted new highs<\/strong><\/em><\/a><\/p>\n According to data from BitcoinTreasuries.Net, Strategy remains the world\u2019s dominant Bitcoin-holding corporation with 640,250 BTC. The firm\u2019s holdings represent nearly 2.5% of Bitcoin\u2019s total supply, surpassing the combined reserves of top 15 public miners and corporate treasuries. <\/p>\n In second place is MARA Holdings (Marathon Digital) with 53,250 BTC<\/a> worth approximately $5.7 billion, followed by XXI (CEP) in third<\/a> with 43,514 BTC valued at $4.7 billion. Japan\u2019s Metaplanet (MTPLF) ranks fourth with 30,823 BTC<\/a>, while the Bitcoin Standard Treasury Company (CEPO) rounds out the top five at 30,021 BTC.<\/p>\n 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.<\/p>\n Related: <\/strong><\/em>Why Saylor\u2019s Strategy keeps buying Bitcoin: The long-term bet, explained<\/strong><\/em><\/a><\/p>\n 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<\/a>, wiping out billions in paper wealth.<\/p>\n Analysts said the boom in Bitcoin treasury companies, which issued shares at multiples of their actual BTC value, has \u201cfully round-tripped,\u201d leaving retail investors deep in losses while firms accumulated real Bitcoin. <\/p>\n On Tuesday, Metaplanet saw its enterprise value fall below the value of its Bitcoin holdings for the first time. The company\u2019s market-to-Bitcoin NAV ratio dropped to 0.99<\/a>, signaling that investors now value the firm at less than the worth of its underlying BTC reserves.<\/p>\nStrategy leads global Bitcoin treasuries <\/h2>\n
Bitcoin treasury NAVs collapse<\/h2>\n