Michael Saylor has indicated that Strategy will add to its Bitcoin holdings again, pressing ahead with purchases despite a steep market downturn and mounting pressure on the company’s stock. The move would mark the firm’s 12th straight week of buying, underscoring its commitment to an aggressive Bitcoin treasury strategy even as prices and investor sentiment remain under strain.
Buying Through the Downturn
Michael Saylor shared Strategy’s familiar Bitcoin accumulation chart on X over the weekend, a signal that has historically preceded new purchases. The post comes as the company approaches its 99th Bitcoin transaction, reinforcing a pattern of steady acquisitions.
The latest confirmed purchase was on Feb. 9, when Strategy acquired 1,142 BTC for more than $90 million. That brought its total holdings to 714,644 BTC, valued at roughly $49.3 billion at current market prices. Even as Bitcoin trades below the firm’s average acquisition cost of about $76,000 per coin, the buying has not slowed.
Market Slide Tests Conviction
Bitcoin and the broader crypto market have been under pressure since a sharp flash crash in October. The downturn pushed BTC more than 50% below its all-time high above $125,000, dragging prices beneath Strategy’s cost basis.
Some analysts speculated that the company might pause or even unwind positions in a prolonged slump. Instead, Strategy has maintained its accumulation plan. The approach signals confidence in Bitcoin’s long-term outlook, even as short-term volatility intensifies.
Financial Strain and Valuation Pressures
The wider crypto treasury sector has also felt the impact of falling asset prices. A key metric, multiple on net asset value, or mNAV, has slipped below 1 for several companies. For Strategy, the figure currently stands at 0.90, meaning the market values its shares at less than the underlying assets it holds.
An mNAV above 1 typically makes it easier for firms to raise capital and issue stock to fund additional crypto purchases. When it drops below that level, financing becomes more challenging. Earlier this month, Strategy reported a fourth-quarter loss of $12.4 billion, sending its shares down about 17%. The stock has since regained some ground, closing Friday at $133.88.