Michael Saylor has again hinted that his company, Strategy (formerly MicroStrategy), may be preparing to buy more bitcoin, even though corporate Bitcoin Treasurys are facing mounting pressure from a sharp drop in net asset values (NAV).
On a Sunday Post At X, Saylor shared a chart from the Saylor Bitcoin tracker, showing the strategy’s cumulative bitcoin (BTC) purchase. “The most important orange dot is always the next one,” he also wrote.
The chart, tracking 82 separate buying events, lists strategy holdings at 640,250 BTC, worth nearly $69 billion at current prices, up 45.6% from the combined cost basis of $74,000 per coin.
The post fueled speculation among traders that another Bitcoin buy could be imminent. In the past, similar cryptic posts have existed Prior to buying ads from strategy.
Related: The strategy added 220 BTC for $27.2m last week as Bitcoin posted new highs
The strategy leads to the Global Bitcoin Treasury
According to data from bitcointreasuries.net, strategy remains the dominant Bitcoin holding corporation worldwide with 640,250 BTC. The firm’s holdings represent nearly 2.5% of the total Bitcoin supply, exceeding the combined reserves of the top 15 public miners and corporate wealth.
In the second place is Mara Holdings (Marathon Digital) with 53,250 BTC worth approximately $ 5.7 billion, followed Xxi (CEP) in the third with 43,514 BTC worth $4.7 billion. Metaplanet of Japan (MTPLF) The fourth rank with 30,823 BTCwhile the Bitcoin Standard Treasury Company (CEPO) rounded out the top five at 30,021 BTC.
The data also shows that many listed US companies, including riot platforms, CleanSpark, Coinbase and Tesla, maintain smaller but still large positions in Bitcoin. The top 15 public companies collectively hold more than 900,000 BTC.
Related: Why Saylor’s strategy is to keep buying bitcoin: the long-term bet, explained
The collapse of Bitcoin Treasury Navs
The post follows a tumultuous year for corporate Bitcoin Treasurys. In a recent report, 10x Research revealed that Bitcoin Treasury companies have saw their NAVs fallwiping out billions in paper wealth.
Analysts say that the boom in Bitcoin Treasury companies, which have issued shares in multiple amounts of their actual BTC value, has “come full circle,” leaving investors with losses while the companies have accumulated real bitcoin.
On Tuesday, Metaplanet saw its enterprise value fall below the value of its bitcoin holdings for the first time. The company’s market-to-bitcoin NAV ratio decreased to 0.99.
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