Michael Saylor once again hinted that his company Strategy (formerly MicroStrategy) may be preparing to purchase more Bitcoin, despite the corporate Bitcoin treasury facing increasing pressure due to a sharp decline in net asset value (NAV).
In a post on the X platform on Sunday, Saylor shared a chart from the Saylor Bitcoin Tracker, showing the cumulative Bitcoin purchases by Strategy. "The most important orange dot is always the next one," he wrote.
The chart tracks 82 individual purchase events, listing that Strategy holds 640,250 BTC, valued at approximately $6.9 billion at current prices, which is a 45.6% increase over its total cost basis of $74,000 per coin.
This post sparked speculation among traders that another Bitcoin purchase may be imminent. In the past, similar cryptic posts have been made before Strategy announced purchases.
According to data from BitcoinTreasuries.Net, Strategy remains a major corporate holder of Bitcoin globally, with 640,250 BTC. The company's holdings account for nearly 2.5% of the total Bitcoin supply, surpassing the combined total of the top 15 public miners and corporate treasuries.
In second place is MARA Holdings (Marathon Digital), holding 53,250 BTC, valued at approximately $5.7 billion, followed by XXI (CEP), holding 43,514 BTC, valued at $4.7 billion. Japan's Metaplanet (MTPLF) ranks fourth with 30,823 BTC, while Bitcoin Standard Treasury Company (CEPO) ranks fifth with 30,021 BTC.
Data also shows that several U.S. publicly listed companies, including Riot Platforms, CleanSpark, Coinbase, and Tesla, hold smaller but still significant Bitcoin positions. The top 15 listed companies collectively hold over 900,000 BTC.
At the time of this post, corporate Bitcoin treasuries have experienced a tumultuous year. In a recent report, 10x Research revealed that the NAV of Bitcoin treasury companies has collapsed, erasing billions of dollars in paper wealth.
Analysts state that the boom period for Bitcoin treasury companies has "completely returned to square one," as these companies issued stock at prices multiple times their actual BTC value, leaving retail investors deep in losses while the companies accumulated real Bitcoin.
On Tuesday, Metaplanet's enterprise value fell below the value of its Bitcoin holdings for the first time. The company's market-to-Bitcoin NAV ratio dropped to 0.99, indicating that investors now value the company below the worth of its underlying BTC reserves.
Related: Wealth management firms must adapt to the largest capital transfer in history
Original article: “Despite the sharp decline in net asset value, Michael Saylor hints at another Bitcoin (BTC) purchase”
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