Strategy’s $69 billion Bitcoin holdings spark speculation of another accumulation round
Michael Saylor, executive chairman of Strategy (formerly known as MicroStrategy), has hinted that his company may soon add more Bitcoin to its already massive holdings, even as corporate Bitcoin treasuries experience steep declines in net asset values (NAV).
In a recent post on X, Saylor shared a chart from the Saylor Bitcoin Tracker, which displayed Strategy’s cumulative Bitcoin purchases totaling 640,250 BTC, currently valued at roughly $69 billion. The post was captioned with the phrase: “The most important orange dot is always the next.”
“Whenever Saylor posts one of these subtle messages, the market tends to expect a fresh buy announcement,” said David Chen, a digital asset strategist at Nexus Capital. “His track record of timing major Bitcoin purchases has made his signals closely watched events among institutional traders.”
The chart, which tracks 82 separate Bitcoin purchase events, shows the firm’s aggregate cost basis at $74,000 per BTC, implying a 45.6% unrealized gain at current prices near $108,700.
Corporate Bitcoin treasuries under pressure
According to BitcoinTreasuries.Net, Strategy remains the largest Bitcoin-holding corporation globally, owning about 2.5% of the total Bitcoin supply. It leads ahead of MARA Holdings (53,250 BTC) and XXI (43,514 BTC). Japan’s Metaplanet follows with 30,823 BTC, while Bitcoin Standard Treasury Company (CEPO) holds 30,021 BTC.
However, Bitcoin treasury NAVs have collapsed this year amid heightened market volatility. Analysts at 10x Research noted that the market value of several Bitcoin-focused firms has “fully round-tripped,” erasing earlier gains as share prices fell below their underlying Bitcoin value.
“Many of these companies traded at steep premiums during the bull cycle, but those valuations have now normalized to reflect actual BTC reserves,” said Lina Morgan, a financial analyst at FinScope Research.
Metaplanet’s enterprise value recently dropped below the worth of its Bitcoin holdings, with its market-to-NAV ratio slipping to 0.99, signaling waning investor enthusiasm.
Saylor’s renewed optimism suggests that Strategy’s long-term conviction in Bitcoin remains intact, even as the broader Bitcoin treasury sector faces a correction.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.