Michael Saylor appears to be gearing up for another major Bitcoin buy, despite a rough patch for corporate Bitcoin treasuries.
In a Sunday post on X, the Strategy founder shared a chart tracking the company’s Bitcoin accumulation, now at roughly 640,250 BTC — worth around $69 billion at current prices. Alongside it, he added a cryptic message: “The most important orange dot is always the next.”
The remark instantly sparked speculation that Strategy (formerly MicroStrategy) could be preparing to add more BTC to its reserves. In the past, similar hints from Saylor have preceded official purchase announcements.
The company’s Bitcoin stash represents nearly 2.5% of the entire BTC supply, far ahead of any other public firm. According to BitcoinTreasuries.net, Marathon Digital follows with just 53,250 BTC, while XXI (CEP) and Japan’s Metaplanet hold 43,514 and 30,823 BTC, respectively. Together, the top 15 corporate holders own more than 900,000 BTC.
But Saylor’s latest post comes at a time when the sector is showing cracks. A report by 10x Research revealed that many Bitcoin treasury firms have seen their net asset values collapse, erasing billions in paper gains. Analysts say companies that once traded at premiums to their actual Bitcoin holdings are now seeing their valuations fall below the value of their reserves.
Metaplanet, for instance, recently dropped below a 1.0 market-to-NAV ratio, meaning investors value the company at less than the Bitcoin it owns. Despite this downturn, Saylor seems undeterred — hinting that Strategy’s next “orange dot” could soon appear on the chart.
