Michael Saylor, the Executive Chairman of Strategy (formerly MicroStrategy), has once again hinted at a potential Bitcoin purchase, sparking discussions within the cryptocurrency community. This comes despite recent reports of Net Asset Value (NAV) collapses affecting Bitcoin treasury firms, including Strategy.
On October 19, 2025, Saylor posted his signature "Saylor BTC Tracker," leading to speculation about another significant Bitcoin acquisition by Strategy. The post, accompanied by the caption "The most significant orange dot is the next," alludes to the company's ongoing Bitcoin buying strategy. The orange dots on the chart represent the times Strategy has purchased Bitcoin.
As of October 19, 2025, Strategy holds approximately 640,250 BTC, valued at around $69.01 billion. The company's average purchase price per Bitcoin is approximately $74,000, reflecting a substantial profit given Bitcoin's current trading price of around $108,000. Since August 2020, Strategy has been actively accumulating Bitcoin through 82 transactions, navigating both bull and bear markets. The company’s initial investment was $250 million for 21,454 BTC at an average price of $11,654 per coin.
Strategy has become the largest corporate holder of Bitcoin globally, surpassing other public and private institutions. Michael Saylor's unwavering conviction in Bitcoin as a superior treasury asset has driven this strategy, positioning Strategy as a key player in the cryptocurrency market.
However, recent reports indicate that retail investors in Bitcoin treasury firms have experienced significant losses due to NAV collapses. A report by 10x Research stated that retail investors lost approximately $1.7 billion as inflated premiums for these companies' shares disappeared after market corrections. These premiums allowed companies to raise capital far exceeding the real value of their Bitcoin assets. Strategy's shares, which once traded at a 3-4x premium to its Bitcoin holdings, have now fallen to around 1.4x.
Despite these challenges, Michael Saylor remains optimistic about Bitcoin's future. He views Bitcoin as a hedge against inflation and a reserve asset that cannot be devalued. Saylor believes that even a small allocation of institutional capital into Bitcoin could drive its price to $1 million.
Strategy has been innovative in its capital raising strategies, utilizing debt financing, equity raises, and other instruments to fund its Bitcoin purchases. The company has also sold shares of its Class A common stock and perpetual preferred stocks to acquire more Bitcoin.
Saylor's continued advocacy for Bitcoin has also influenced other companies and even government policies. He has urged the U.S. government to increase its Bitcoin holdings in its Strategic Bitcoin Reserve.
As Strategy moves forward, it will likely continue its strategy of accumulating Bitcoin, solidifying its position as a leading corporate Bitcoin holder.
