Michael Saylor Hints at Fresh Bitcoin Purchase Despite Bitcoin Treasury Losses

• Michael Saylor suggested his firm, Strategy (formerly MicroStrategy), may soon buy more Bitcoin.
• The company currently holds 640,250 BTC worth around $69 billion, up 45.6% from its cost basis.
• Strategy leads all global corporate Bitcoin treasuries, holding nearly 2.5% of total BTC supply.
• Analysts warn Bitcoin treasury companies have seen their NAVs collapse in 2025.
• Despite paper losses, firms continue accumulating Bitcoin as a long-term strategy.

Michael Saylor, the co-founder and executive chairman of Strategy (formerly MicroStrategy), has once again hinted that his company could be preparing to purchase more Bitcoin, even as the value of corporate Bitcoin treasuries faces significant pressure.

In a post on X (formerly Twitter) on Sunday, Saylor shared a chart from the Saylor Bitcoin Tracker that detailed Strategy’s historical Bitcoin acquisitions, accompanied by the cryptic message: “The most important orange dot is always the next.” The chart showed 82 separate purchase events and confirmed that the company currently holds 640,250 BTC, worth approximately $69 billion at today’s prices — a 45.6% increase from its total cost basis of roughly $74,000 per coin.

This post quickly sparked speculation that another Bitcoin purchase could be imminent. Historically, similar cryptic hints from Saylor have preceded major buying announcements. His consistent accumulation strategy has earned Strategy a reputation as the leading corporate holder of Bitcoin, often setting the tone for institutional confidence in the crypto market.

According to data from BitcoinTreasuries.net, Strategy remains the world’s largest corporate Bitcoin holder, with its 640,250 BTC representing 2.5% of the total Bitcoin supply. This puts the company far ahead of its competitors: MARA Holdings (Marathon Digital) follows with 53,250 BTC, valued at $5.7 billion, while XXI (CEP) holds 43,514 BTC worth $4.7 billion. Japan’s Metaplanet ranks fourth with 30,823 BTC, and the Bitcoin Standard Treasury Company (CEPO) rounds out the top five at 30,021 BTC.

The combined Bitcoin holdings of the top 15 public companies now exceed 900,000 BTC, demonstrating how deeply Bitcoin has become embedded in corporate balance sheets. However, these treasuries have recently faced heavy losses in market valuation due to a broader correction in Bitcoin’s price and a collapse in net asset values (NAVs).

A recent report by 10x Research revealed that many Bitcoin treasury firms have seen their NAVs plunge, erasing billions in paper wealth. Analysts noted that the “boom in Bitcoin treasury companies has fully round-tripped,” as many issued shares at premiums far exceeding the value of their actual Bitcoin holdings. As a result, while companies like Strategy continue to accumulate Bitcoin, retail investors in these stocks have suffered steep losses.

In one striking example, Metaplanet’s enterprise value recently fell below the value of its Bitcoin holdings for the first time. Its market-to-Bitcoin NAV ratio dropped to 0.99, meaning investors now value the company at less than the worth of its underlying BTC assets.

Despite these challenges, Michael Saylor remains steadfast in his long-term Bitcoin conviction. His repeated messaging reinforces Strategy’s view of Bitcoin as “digital gold” — a scarce, inflation-resistant store of value that will outperform traditional assets over time. By doubling down during downturns, Saylor continues to signal confidence in Bitcoin’s future, a move that has historically preceded bullish momentum in the broader market.

Final Thought

Michael Saylor’s latest hint underscores Strategy’s enduring commitment to Bitcoin accumulation, even as market valuations fluctuate. While corporate Bitcoin treasuries are facing short-term pressure, their continued buying suggests deep confidence in Bitcoin’s long-term potential. If history repeats itself, Saylor’s “next orange dot” may once again mark the beginning of another major accumulation phase — and possibly the next leg of Bitcoin’s institutional rally.