Michael Saylor, co-founder of bitcoin treasury company Strategy, indicated the firm is purchasing more BTC as prices hover near $66,000. Strategy’s most recent acquisition in late February added 3,015 BTC for over $204 million, bringing its total holdings to 720,737 BTC valued at about $48.1 billion. The company continues to accumulate BTC through debt and equity financing, even as its stock trades below the value of its bitcoin treasury.
Michael Saylor signaled impending bitcoin purchases by sharing Strategy‘s accumulation chart on social media. The company’s latest purchase occurred in late February, adding 3,015 BTC for more than $204 million.
This brought its total holdings to 720,737 BTC, valued at approximately $48.1 billion at current market prices. Bitcoin’s price remains below Strategy’s average purchase cost of about $75,985 per BTC according to data.
The company continues to accumulate BTC through debt and equity financing. This occurs amid a broad market downturn and a collapse in net asset values for treasury companies.
Strategy’s basic NAV is just below 1, meaning it trades at a discount to its BTC treasury. The digital asset treasury market could consolidate in 2026, as stated by Wojciech Kaszycki, chief strategy officer of treasury company BTCS.
He noted companies with operating businesses generating cash flow may buy up treasury companies that simply accumulate BTC. “If you consolidate with another player, sometimes two plus two equals six or more, you can win faster, because everybody in this market trading below net asset value is struggling,” Kaszycki said.
Crypto treasury companies can provide validation services, mine cryptocurrencies, or offer credit instruments to generate revenue. Saylor has dismissed the idea of buying competitors or distressed BTC treasury companies.
He cited financial uncertainty as the main reason for avoiding mergers and acquisitions. “These things tend to stretch out six to nine months or a year. An idea that looks good when you start might not still be a good idea six months later,” he added.
