Saylor teases new massive Bitcoin purchase

In recent days, bitcoin fans have observed a change in tempo. Strategy, the armed wing of Michael Saylor, had accustomed us to burst purchases of BTC. But the frequency has reduced. No more sweeping nets or thunderous declarations. Simple tactical pause or real questioning? On X, however, 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 the Wind and NAV

In a sector plagued by turbulence, Michael Saylor remains an inflexible captain. Strategy currently holds 640,250 BTC, or 2.5% of the total supply — a threshold reached after a purchase of 220 BTC made last week. These bitcoins alone are worth around $69 billion at current value. Yet while Strategy capitalizes, other companies falter.

This is the case of Metaplanet, whose stock market value has fallen below that of its own BTC reserves. Result: a NAV less than 1, revealing a feeling of distrust.

And it is in this context that Saylor published a graph of his previous purchasesaccompanied by the sentence: “ The most important orange dot is always next “. Previous similar indices have always announced a new operation. Investors know it: when calm sets in, it is because the hawk is circling above the prey.

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

Bitcoin on sale: the little losers, the big winner

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

Individual investors find themselves with deadweight losses, while companies accumulate tangible assets.

Let's take Metaplanet: an NAV of 0.99, a market that refuses to value a company commensurate with its assets. It’s a whole logic that turns around. The more BTC there is in the vault, the lower the valuation. A dissonance that does not escape Michael Saylor.

No detour to ether, solana or other exotic cryptos. Strategy remains focused on bitcoin. This choice betrays a deep conviction: no dispersion, no opportunistic strategy. It's not diversification, it's anchoring.

Pointers to keep in mind

• 640,250 BTC in Strategy’s accounts;
• 2.5% of total global supply;
• $69 billion estimated valuation;
• 45.6% added value compared to average cost;
• Metaplanet drops below a NAV ratio of 0.99.

Meanwhile, Michael Saylor isn't talking about a massive purchase. He suggests it. And for those who have been observing it since 2020, this silent language is often louder than an official statement.

In the third quarter, Strategy raked in $3.9 billion in gains. However, Michael Saylor did not move. No ad, no purchase. A calculated break? Probably. But according to his last post, the story is not over. The next “orange dot” could well mark a new era of accumulation.