Michael Saylor, executive chairman of Strategy (formerly known as MicroStrategy), has once again hinted that his firm could be gearing up for another major Bitcoin purchase — despite the sharp decline in corporate Bitcoin treasury valuations.
In a Sunday post on X, Saylor shared a chart from the Saylor Bitcoin Tracker, which visualizes the company’s Bitcoin acquisition history. The caption read: “The most important orange dot is always the next.”
The chart highlights 82 separate Bitcoin purchases, showing Strategy’s total holdings at 640,250 BTC, valued at roughly $69 billion at current market prices. This represents a gain of around 45.6% over its average acquisition cost of $74,000 per BTC.
Saylor’s cryptic post quickly sparked speculation across the crypto community, with many traders suggesting that another accumulation phase may already be in motion. Historically, similar posts have foreshadowed official buying announcements from the company.
Strategy still leads global Bitcoin treasuries
Data from BitcoinTreasuries.Net confirms that Strategy remains the world’s largest corporate Bitcoin holder, owning approximately 2.5% of Bitcoin’s total supply. The firm’s 640,250 BTC surpasses the combined holdings of the next 15 public corporations and mining companies.
Trailing far behind is MARA Holdings (Marathon Digital) with 53,250 BTC worth about $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 the Bitcoin Standard Treasury Company (CEPO) completes the top five with 30,021 BTC.
Other U.S.-listed companies such as Riot Platforms, CleanSpark, Coinbase, and Tesla also maintain significant positions in Bitcoin, with the top 15 public entities collectively holding more than 900,000 BTC.
NAV crisis hits corporate Bitcoin treasuries
Saylor’s post comes amid a difficult period for publicly traded Bitcoin treasuries. A recent 10x Research report showed that several of these firms have suffered a severe drop in net asset values (NAV), erasing billions in unrealized gains.
Analysts noted that many Bitcoin treasury companies previously traded at multiples of their BTC value, but that premium has now evaporated, leaving many retail investors at a loss while corporations retain the underlying coins.
One striking example is Metaplanet, whose enterprise value fell below its Bitcoin holdings for the first time last week. The firm’s market-to-Bitcoin NAV ratio slid to 0.99, meaning investors now value the company at slightly less than the worth of its Bitcoin reserves.
Despite these declines, Saylor’s post suggests that Strategy remains committed to its long-term Bitcoin accumulation strategy — and the next “orange dot” on his chart may be closer than the market expects.
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