Michael Saylor hinted once more that Strategy (formerly MicroStrategy) may be preparing for a larger purchase of Bitcoin. This is despite the fact corporate Bitcoin treasuries are under increasing pressure due to a steep drop in their net asset value (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,” Also, he wrote.
According to the chart which tracks 82 distinct purchase events, Strategy holds 640,250 BTC worth $69 billion today, a 45.6% increase from its original cost of $74,000 for each coin.
It has led traders to speculate that another Bitcoin acquisition could be near. Similar cryptic messages have been posted in the past. preceded buying announcements Strategy.
Related: Strategy added 220 BTC for $27.2M last week as Bitcoin posted new highs
Bitcoin treasuries: a global strategy
According to data from BitcoinTreasuries.Net, Strategy remains the world’s dominant Bitcoin-holding corporation with 640,250 BTC. Its Bitcoin holdings are nearly 2,5% of the total Bitcoin supply. This is more than corporate treasuries and 15 top public miners combined.
The second-place finisher is MARA Holdings (Marathon Digital) with 53,250 BTC Worth approximately $5.7 billion followed by XXI (CEP) in third With 43,514 BTC worth $4.7 billion. Metaplanet Japan, (MTPLF) ranks fourth with 30,823 BTCThe Bitcoin Standard Treasury Company, or CEPO, rounds out the list of top five with 30,021 BTC.
In addition, the data shows that several US companies, such as Riot Platforms and CleanSpark Inc., Coinbase, Tesla and Coinbase Canada, have smaller, but nonetheless significant Bitcoin holdings. Together, the 15 largest public companies own over 900k BTC.
Related: Why Saylor’s Strategy keeps buying Bitcoin: The long-term bet, explained
Bitcoin NAVs crash
It follows a turbulent time 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 of paper wealth.
According to analysts, the rise of Bitcoin treasury firms, who issued shares multiples of BTC’s actual value, is causing a boom. “fully round-tripped,” Retail investors are left with huge losses, while companies accumulate real Bitcoin.
Metaplanet has seen its enterprise value drop below the value it holds in Bitcoin 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.
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Source: cointelegraph.com
