Strategy Executive Saylor Teases Fresh Bitcoin Purchase Despite Treasury NAV Pressure
Michael Saylor posted a cryptic message on Sunday suggesting Strategy plans to purchase more Bitcoin despite recent pressure on corporate treasury companies. According to Cointelegraph, Saylor shared a chart from the Saylor Bitcoin Tracker showing the company's cumulative purchases. He wrote that the most important orange dot is always the next one.
The chart tracked 82 separate purchase events and listed Strategy's holdings at 640,250 BTC. Current Bitcoin prices value these holdings at around $69 billion. The company's aggregate cost basis stands at $74,000 per coin, showing a 45.6% return. Past cryptic posts from Saylor have often preceded official buying announcements from the company.
Strategy remains the largest corporate Bitcoin holder worldwide. Data from BitcoinTreasuries.Net shows the firm controls nearly 2.5% of Bitcoin's total supply. MARA Holdings ranks second with 53,250 BTC valued at $5.7 billion. XXI holds third place with 43,514 BTC worth $4.7 billion.
Pressure Mounts On Bitcoin Treasury Model
The timing comes as corporate Bitcoin treasuries face a sharp correction in net asset values. Cointelegraph reported that 10x Research analysts stated the age of financial magic is ending for Bitcoin treasury companies. These firms issued shares at multiples above their actual BTC value until the illusion vanished.
The research revealed retail investors overpaid for Bitcoin exposure by roughly $20 billion. Companies converted inflated share prices into real Bitcoin on their balance sheets. Shareholders lost billions while executives accumulated actual BTC. Metaplanet serves as a clear example. The company transformed an $8 billion market cap supported by $1 billion in Bitcoin holdings into a $3.1 billion market cap backed by $3.3 billion in BTC.
Strategy experienced a similar pattern in its NAV cycle. The company stock has fallen 39% since November 2024 despite Bitcoin reaching new highs. Metaplanet shares dropped 79% since their mid-June peak. Tuesday brought another development when Metaplanet's enterprise value fell below its Bitcoin holdings value for the first time. The market-to-Bitcoin NAV ratio hit 0.99.
We previously covered how corporate Bitcoin adoption accelerated in early 2025, with StarkWare announcing a Strategic Bitcoin Reserve in March. At that time, Strategy held 499,096 Bitcoin valued at $41.2 billion at an average price of $66,423 per Bitcoin.
Corporate Treasury Sector Faces Reset
The NAV collapse represents a turning point for Bitcoin treasury firms. Companies now trading at or below their Bitcoin value may offer pure BTC exposure with potential upside from future operations. 10x Research noted that firms must adapt from hype-driven treasuries to skilled asset management. The companies that survive will need to generate 15-20% annual returns through real strategies.
Several firms have reduced or paused Bitcoin purchases as premiums evaporated. The research shows nearly one-fifth of listed Bitcoin treasury companies now trade below their net asset value. This development creates entry points for new investors while forcing existing firms to prove operational value beyond simple Bitcoin holdings.
The sector transformation affects broader institutional adoption patterns. Corporate treasuries using Bitcoin as a reserve asset must now demonstrate value through lending, custody services, or trading operations. Market observers expect only well-capitalized firms with experienced teams to thrive in this new environment.
Strategy's potential purchase would test investor appetite for continued Bitcoin accumulation by corporate treasuries. The company's actions often influence smaller firms following similar strategies. Bitcoin prices remain near recent highs despite the pressure on treasury company stocks. This divergence between Bitcoin spot prices and treasury company valuations creates complex dynamics for both retail and institutional investors evaluating exposure methods.
