Michael Saylor again hinted that his company Strategy (formerly MicroStrategy) may have purchased Bitcoin last week. And this is despite growing pressure on corporate BTC treasuries, whose net asset values (NAV) are plummeting.
In a Sunday post on X, Michael Saylor shared a chart from the Saylor Bitcoin Tracker showing Strategy’s cumulative Bitcoin purchases. “The most important orange dot is always the next one,” he wrote laconically.
Strategy and Saylor dominate global BTC vaults
According to data from BitcoinTreasuries.Net, Strategy remains the undisputed leader among companies holding Bitcoin – with 640,250 BTC in the account. The company’s holdings represent almost 2.5% of the total Bitcoin supply, surpassing the combined reserves of the 15 largest public miners and corporate treasuries.
In second place is MARA Holdings with 53,250 BTC worth approximately USD 5.7 billion, and in third place is XXI with 43,514 BTC worth USD 4.7 billion. Japan’s Metaplanet ranks fourth with 30,823 BTC, while Bitcoin Standard Treasury Company rounds out the top five with 30,021 BTC.
The data also shows that several U.S. publicly traded companies, including Riot Platforms, CleanSpark, Coinbase and Tesla, maintain smaller but still significant positions in Bitcoin. The top 15 public companies collectively hold over 900,000 BTC.
The chart, tracking 82 separate purchases, shows Strategy’s holdings at 640,250 BTC, worth approximately $70 billion at current prices. This is a 45.6% increase over the total average purchase price of $74,000 per coin.
Michael Saylor’s post sparked speculation among traders that another Bitcoin purchase could be just around the corner. In the past, Saylor’s similar enigmatic tweets usually preceded official announcements of new deals.
Bitcoin companies’ NAV disaster
Saylor’s post comes after a tumultuous few months for corporate BTC treasuries. A recent report by 10x Research revealed that companies holding BTC in their vaults saw their NAV collapse, losing $1 billion in paper wealth.
Analysts say the boom in Bitcoin companies that issued shares at multiples of the actual value of their BTC has “completely reversed,” leaving retail investors with deep losses while the companies themselves accumulate real Bitcoin. On Tuesday, Metaplanet saw its enterprise value decline below the value of its Bitcoin holdings for the first time. The market-to-Bitcoin NAV ratio dropped to 0.99, signaling that investors are now valuing the company below the value of its actual BTC reserves.
Will Saylor strike again? That’s for sure – the question is rather when?
