Michael Saylor, CEO of Strategy (formerly MicroStrategy), has hinted again that the company may prepare to purchase more Bitcoin. However, corporate Bitcoin treasuries continue to be under pressure as a result of a dramatic drop in Net Asset Values (NAV).
On a Sunday post Saylor posted a graph from the Saylor Bitcoin Tracker showing Strategy’s total Bitcoin.BTC) purchases. “The most important orange dot is always the next,” He also wrote.
This chart tracks 82 different purchase events and lists Strategy’s BTC holdings as 640 250 BTC. At current prices this is worth approximately $69 billion, an increase of 45.6% over its cost basis per coin, which was $74,000.
This post sparked speculation that another Bitcoin transaction could be on the horizon. The past has seen similar posts. preceded buying announcements Strategy.
Related: Strategy added 220 BTC for $27.2M last week as Bitcoin posted new highs
Bitcoin treasury global strategy
According to data from BitcoinTreasuries.Net, Strategy remains the world’s dominant Bitcoin-holding corporation with 640,250 BTC. These holdings amount to nearly 2.5%, which is greater than the reserves held by corporate treasuries or 15 of the largest public mining companies.
Second place comes to MARA Holdings (Marathon Digital) with 53,250 BTC About $5.7 billion worth of goods and services, then XXI (CEP) in third The value of 43 514 BTC is $4.7 Billion. Metaplanet Japan, (MTPLF) ranks fourth with 30,823 BTCWith 30,021 BTC, the Bitcoin Standard Treasury Company rounds out top five.
Data also shows several US listed firms including Riot Platforms (CleanSpark), Coinbase, and Tesla maintain small but significant Bitcoin positions. Together, the 15 largest public companies own over 900 000 BTC.
Related: Why Saylor’s Strategy keeps buying Bitcoin: The long-term bet, explained
Bitcoin Treasury NAVs fall
This post comes after a turbulent period for corporate Bitcoin treasuries. 10x Research recently revealed in its report that Bitcoin treasury companies have experienced an increase of over 50%. seen their NAVs collapseThe destruction of billions in wealth on paper
The boom of Bitcoin Treasury companies that issued multiples their BTC values in shares has been criticized by analysts. “fully round-tripped,” Retail investors are left with huge losses, while companies accumulate real Bitcoin.
Metaplanet has seen its enterprise value drop below its Bitcoin value for the very first time. Market-to-Bitcoin ratio of the company NAV ratio dropped to 0.99This means that the value of the BTC reserve is now less than what investors paid for the firm.
Magazine: Back to Ethereum — How Synthetix, Ronin and Celo saw the light
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: cointelegraph.com
