Michael Saylor Signals 12‑Week Streak of Bitcoin Purchases by Strategy
The MicroStrategy co‑founder posted a fresh accumulation chart on X, confirming the company’s continued buying even as Bitcoin trades well below its historic highs and the firm’s own cost basis.
What happened
- On Sunday, Michael Saylor shared the latest “Strategy BTC accumulation” graphic on X, a visual log the company uses to mark each of its Bitcoin transactions.
- The posting marks the twelfth consecutive week that Strategy has added to its treasury, underscoring the firm’s commitment to expanding its crypto holdings despite a prolonged market downturn.
- The most recent acquisition was made on 9 February, when Strategy purchased 1,142 BTC for just over $90 million. That buy brought the total balance to roughly 714,644 BTC, valued at about $49.3 billion at current market rates.
Market backdrop
Bitcoin’s price has fallen more than 50 % since its all‑time high of just above $125 k in late 2023, slipping under Strategy’s average acquisition price of $76 k per coin. The broader crypto sector has been rattled by the October flash crash that erased half of Bitcoin’s market value and triggered a wave of sell‑offs across digital‑asset treasuries.
Why the buying matters
-
Contrary to analyst expectations – Several market commentators have suggested that Strategy might pause or even liquidate part of its holdings when Bitcoin’s price slides below the firm’s cost basis. Instead, the company has kept buying, indicating a long‑term conviction in Bitcoin’s upside.
-
Financing challenges – The multiple on net asset value (mNAV) for Strategy fell below 1 in September 2025 and sits around 0.90 today, according to tracking data. An mNAV under 1 typically signals that investors price the company’s equity lower than the net value of its Bitcoin assets, limiting the firm’s ability to raise capital through stock issuance.
-
Recent financial results – Strategy reported a Q4 loss of $12.4 billion, which knocked the share price down roughly 17 % before a modest rebound to $133.88 in the most recent session. The loss reflects both the sharp price decline in Bitcoin and the company’s heavy exposure to the digital‑asset market.
- Funding the purchases – In a related development, Strategy’s CEO has hinted at issuing additional preferred stock as a potential source of cash for future Bitcoin buys, a tactic that could mitigate the strain from a low mNAV.
Analysis
Strategy’s relentless accumulation suggests the firm views the current price level as a “buy‑the‑dip” opportunity rather than a signal to cut exposure. The company’s willingness to deploy capital despite a sub‑par mNAV and a sizable quarterly loss could be interpreted in two ways:
-
Bullish signal for Bitcoin – Large, well‑funded institutional buyers often act as floor‑support for market sentiment. Strategy’s ongoing purchases may embolden other holders and reinforce the narrative that Bitcoin remains a viable long‑term store of value.
- Risk concentration – The firm’s balance sheet is heavily skewed toward a single, volatile asset. Any further price declines could exacerbate losses and pressure the already low mNAV, potentially limiting future financing options. The preferred‑stock plan could alleviate some of that pressure but also dilutes existing shareholders.
Key takeaways
- Week 12 of buying: Strategy has added Bitcoin for twelve straight weeks, most recently acquiring 1,142 BTC for >$90 M.
- Huge holdings: The treasury now holds about 714,600 BTC, worth roughly $49 B at today’s rates.
- Below cost basis: Bitcoin’s market price remains under Strategy’s $76 k average purchase price.
- Financial strain: A Q4 loss of $12.4 B and an mNAV of 0.90 signal financing headwinds, yet the firm persists in buying.
- Funding outlook: Preferred‑stock issuances are being explored to finance future accumulation.
As the crypto market searches for stability, Strategy’s buying streak serves as a real‑time barometer of confidence among the sector’s most prominent Bitcoin holders. Whether the approach pays off will depend largely on Bitcoin’s price trajectory in the months ahead and the firm’s ability to secure financing amid a subdued mNAV environment.
Source: https://cointelegraph.com/news/michael-saylor-signals-strategy-buy-bitcoin?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
