MicroStrategy Signals New Bitcoin Buys Despite NAV Drop

MicroStrategy CEO Michael Saylor has signaled that his company will likely continue adding to its Bitcoin treasury despite a sharp drop in its net asset value (NAV). In a recent X post, Saylor shared the Saylor Bitcoin Tracker chart, which records 82 separate purchases totalling 640,250 BTC—about 2.5% of Bitcoin’s circulating supply—acquired at an average cost of $74,000 per coin. At Bitcoin’s current price near $108,000, Strategy’s holdings are worth roughly $69 billion, reflecting a 45.6% unrealized gain. Traders have seized on Saylor’s remark that “the most important orange dot is always the next one” as a cue for imminent accumulation. Data from BitcoinTreasuries.Net show MicroStrategy far ahead of other public holders such as Marathon Digital (MARA), 21Shares (CEP), Metaplanet (MTPLF), Riot Platforms, CleanSpark, Coinbase, and Tesla. Together, the top 15 corporate treasuries now hold over 900,000 BTC. A 10x Research report highlights how market volatility has driven NAVs of these companies down, erasing billions in paper value and exposing investors—given many firms’ shares trade at large premiums to their Bitcoin reserves. Notably, Metaplanet’s enterprise value recently plunged below its Bitcoin reserve value, trading at a 0.99 NAV ratio. Saylor’s cryptic posts have historically preceded fresh purchases, suggesting that Strategy’s next buy could boost market sentiment and underscore ongoing institutional demand for Bitcoin.