Michael Saylor Signals Potential Bitcoin Acquisition Amid NAV Declines
Michael Saylor suggests his firm may acquire more Bitcoin despite falling net asset values (NAV) affecting corporate treasuries.
Michael Saylor has hinted that his company, Strategy (formerly MicroStrategy), might be poised to purchase additional Bitcoin, even as corporate Bitcoin treasuries are facing significant strain from a decline in net asset values (NAV).
In a recent post on X, Saylor shared a chart from his Bitcoin Tracker, detailing Strategy’s accumulated Bitcoin purchases. He noted, “The most important orange dot is always the next.”
The chart documents 82 individual purchase transactions, totaling Strategy’s holdings at 640,250 BTC, which is valued at approximately $69 billion at current market prices, reflecting a 45.6% increase from the cumulative cost basis of $74,000 per coin.
This post has sparked speculation among traders that another Bitcoin acquisition could be forthcoming. Historically, Saylor’s similar posts have often preceded announcements of new purchases by Strategy.
Saylor hints at upcoming Bitcoin purchase. Source: Michael Saylor
Related: Strategy acquired 220 BTC for $27.2M last week as Bitcoin hit new highs
Strategy Leads Global Bitcoin Treasuries
Strategy has established itself as the leading corporation in Bitcoin holdings according to BitcoinTreasuries.Net, with a total of 640,250 BTC, accounting for nearly 2.5% of Bitcoin’s total supply. This amount exceeds the combined reserves of the top 15 public miners and corporate treasuries.
In the second position, MARA Holdings (Marathon Digital) holds 53,250 BTC, valued at about $5.7 billion; following this is XXI (CEP) with 43,514 BTC assessed at $4.7 billion. Japan’s Metaplanet (MTPLF) ranks fourth with 30,823 BTC, while the Bitcoin Standard Treasury Company (CEPO) rounds out the top five at 30,021 BTC.
Furthermore, several publicly listed firms in the US, such as Riot Platforms, CleanSpark, Coinbase, and Tesla, maintain smaller yet significant Bitcoin positions, with the top 15 public companies collectively holding over 900,000 BTC.
Top 15 Bitcoin treasury firms. Source: BitcoinTreasuries.Net
Related: Why Saylor’s Strategy keeps buying Bitcoin: The long-term bet explained
Bitcoin Treasury NAVs Collapse
This post follows a challenging year for corporate Bitcoin treasuries. A recent report from 10x Research revealed that Bitcoin treasury firms have witnessed a dramatic decline in their NAVs, erasing billions in perceived wealth.
Analysts have stated that the expansion of Bitcoin treasury companies, which issued shares at values significantly higher than their actual BTC worth, has now “fully round-tripped,” resulting in considerable losses for retail investors while firms continued to accumulate physical Bitcoin.
On Tuesday, Metaplanet experienced a decrease in its enterprise value, dropping below the valuation of its Bitcoin holdings for the first occasion. The firm’s market-to-Bitcoin NAV ratio fell to 0.99, indicating that investors currently assess the firm at less than the value of its Bitcoin reserves.
