Crypto pioneer doubles down as digital-asset treasuries face renewed pressure
Michael Saylor is once again betting big on Bitcoin. His company, Strategy Inc. (MSTR), disclosed Monday that it purchased $835.6 million worth of Bitcoin over the past week — its largest acquisition since July — bringing total holdings to 649,870 tokens, valued at roughly $61.7 billion, according to a filing with the U.S. Securities and Exchange Commission (SEC).
The purchases came during one of the crypto market’s steepest declines this year, with Bitcoin tumbling nearly 30% from its early-October highs. While many institutional investors have turned cautious, Saylor is sticking to the digital-asset treasury model he pioneered in 2020, when he transformed the then–MicroStrategy into a leveraged Bitcoin investment vehicle.
Strategy financed most of its latest purchase through a €620 million ($716.8 million) sale of 10% Series A perpetual preferred shares in European markets — a deal that was doubled from its initial target due to strong demand, raising $703.9 million net. The move underscores Saylor’s continued commitment to Bitcoin even as volatility challenges confidence in crypto-linked firms.
Still, the company’s valuation has weakened. Strategy’s market net asset value (mNAV) ratio — which compares its market capitalization to the value of its Bitcoin reserves — has dropped from 2.5 to 1.2, reflecting waning investor enthusiasm. Shares of the company have fallen 57% since peaking in November 2024, although they remain up more than 1,500% since it began buying Bitcoin four years ago.
Saylor’s latest buying spree serves as both a bold signal of conviction and a high-stakes wager. With liquidity thinning and retail investors sidelined, Strategy’s continued accumulation will test whether deep-pocketed players can still shape sentiment in a crypto market struggling to regain its footing.
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