Saylor teases a new massive Bitcoin purchase

For a few days, bitcoin fans have noticed a change of pace. Strategy, Michael Saylor’s armed wing, had accustomed us to rapid BTC purchases. But the frequency has decreased. No more big net hauls, nor thundering declarations. Simple tactical pause or true re-evaluation? On X, Saylor has just reactivated the radar with a well-known image and a minimalist message. His own way of saying: “stay tuned.”

Michael Saylor, against winds and NAV

In a sector mined with turbulence, Michael Saylor remains an unyielding captain. Strategy currently holds 640,250 BTC, which is 2.5% of the total supply — a threshold reached after a purchase of 220 BTC made last week. Alone, these bitcoins are worth about 69 billion dollars at current value. Yet, while Strategy capitalizes, other companies are faltering.

This is the case for Metaplanet, whose market value has fallen below that of its own BTC reserves. Result: a NAV below 1, revealing a sentiment of mistrust.

And it is in this context that Saylor published a chart of his previous purchases, accompanied by the phrase: “The most important orange dot is always the next one“. Previous similar hints have always announced a new operation. Investors know: when calm settles, the hawk circles above the prey.

His strategy does not change. He treats bitcoin as a superior store of value. He borrows, sells shares, issues convertible bonds. He turns Strategy into an unofficial bitcoin ETF, an entity that rides the rises and digs into the falls. His current capital gain? 45.6%, based on a purchase of $74,000 per BTC.

Bitcoin on sale: the small losers, the big winner

The contrast is striking. Where shareholders absorb shocks, companies like Strategy grow their portfolio. Many crypto firms took advantage of the 2021-2022 euphoria to raise funds at high prices. But the backlash is severe. Their shares sometimes no longer even equal the sum of the bitcoins they hold. 

Individual investors, meanwhile, face bare losses, while companies accumulate tangible assets.

Take Metaplanet: a NAV at 0.99, a market that refuses to value a company according to its assets. It’s a whole logic that reverses. The more BTC in the vault, the lower the valuation. A dissonance that does not escape Michael Saylor.

No detour through ether, solana or other exotic cryptos. Strategy remains focused on bitcoin. This choice betrays a deep conviction: no dispersion, no opportunism strategy. It’s not a diversification, it’s an anchorage.

Key points to keep in mind

• 640,250 BTC in Strategy’s accounts;
• 2.5% of the total global supply;
• Estimated valuation of 69 billion dollars;
• 45.6% capital gain compared to the average cost;
• Metaplanet drops below a NAV ratio of 0.99.

Meanwhile, Michael Saylor does not speak of a massive purchase. He suggests it. And for those who have been watching him since 2020, this silent language is often louder than an official statement.

In the third quarter, Strategy recorded 3.9 billion dollars in gains. Yet, Michael Saylor has not budged. No announcement, no purchase. A calculated pause? Probably. But judging by his latest post, the story is not over. The next “orange dot” could well mark a new era of accumulation.