Strategy Holds 2.5% of All BTC, Eyes More Buys Amid NAV Collapse

Saylor’s Post Rekindles Speculation

Michael Saylor has once again hinted that his company, Strategy—the firm formerly known as MicroStrategy—may be preparing another BTC purchase. In a post on X Sunday, Saylor shared a chart from the “Saylor BTC Tracker,” detailing the company’s cumulative BTC purchases. “The most significant orange dot is always the next,” he wrote.

The chart shows 82 separate purchase events totaling 640,250 BTC, now worth about $69 billion at current prices near $108,400 per coin. That represents a 45.6% gain from the firm’s aggregate cost basis of $74,000 per BTC. Traders were quick to interpret Saylor’s message as a hint that Strategy may be preparing for another addition to its already massive holdings. In past cycles, similar cryptic posts have preceded official purchase announcements.

Investor Takeaway

Strategy Dominates BTC Treasuries

Data from BTCTreasuries.net confirms that Strategy remains the world’s largest corporate holder of BTC, controlling around 2.5% of total supply. Its 640,250 BTC outpaces the combined holdings of the next 15 public companies and miners.

MARA Holdings (Marathon Digital) ranks second with 53,250 BTC worth about $5.7 billion, followed by XXI (CEP) with 43,514 BTC valued near $4.7 billion. Japan’s Metaplanet holds 30,823 BTC, while the BTC Standard Treasury Company has 30,021 BTC. U.S.-listed firms including Riot Platforms, CleanSpark, Coinbase and Tesla round out the top tier of corporate holders. Collectively, the top 15 firms control more than 900,000 BTC, underlining the scale of institutional exposure to the asset.

Saylor’s accumulation strategy has turned Strategy into a proxy BTC ETF of sorts—one that many investors treat as a leveraged play on the cryptocurrency’s long-term trajectory. The company’s market value and stock performance often mirror , magnifying both gains and drawdowns.

BTC Treasury NAVs Under Pressure

Saylor’s post arrives during a hard period for BTC treasuries. A report from 10x Research found that listed firms holding BTC have viewn their net asset values (NAVs) collapse in recent months, erasing billions in market capitalization. Many companies that issued shares at steep premiums to their BTC holdings during the bull market are now trading below intrinsic value.

Analysts described the cycle as a full reversal of the “BTC treasury trade” that gained popularity in 2021 and 2022. “The boom in BTC treasury companies has fully round-tripped,” the report said. “Retail investors are left with losses, while corporate entities have accumulated the underlying asset.”

One high-profile casualty is Metaplanet. The Tokyo-based company’s enterprise value recently fell below the market value of its BTC reserves for the first time, bringing its market-to-BTC NAV ratio to 0.99. That implies investors now value the firm at less than its on-chain BTC holdings—a signal of deteriorating sentiment toward corporate crypto exposure.

Investor Takeaway

The Broader Context

Saylor’s approach has often run counter to corporate convention. Since 2020, he has used debt issuance, equity sales and convertible notes to expand Strategy’s BTC holdings, effectively transforming the firm from a software company into a de facto digital asset vehicle. That high-conviction approach has made Saylor a polarizing figure in finance—celebrated by BTC advocates, criticized by traditional investors wary of volatility risk.

With 640,000 BTC on its balance sheet, Strategy’s holdings exceed those of many nation-states. Saylor has consistently described BTC as a superior form of treasury reserve asset, calling it “economic immortality” in past interviews. The latest post suggests that even later than four years of aggressive accumulation, he views more room to purchase.

For traders, Saylor’s timing is rarely random. His hints have often preceded purchaseing sprees during price fragileness, making his online activity a bellwether for institutional sentiment. Whether Strategy acts again soon or not, the market’s reaction reflects how closely investors still watch one of BTC’s most prominent corporate holders.