Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert & block trade
Convert crypto with one click and zero fees
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Michael Saylor hints at Strategy’s next Bitcoin buy

Michael Saylor hints at Strategy’s next Bitcoin buy

Crypto.NewsCrypto.News2025/10/19 16:00
By:By Trisha HusadaEdited by Anna Akopian

Strategy founder Michael Saylor seems to be hinting that the Bitcoin treasury’s next purchase may be coming soon, despite the drop in net asset values.

Summary
  • Michael Saylor hinted at Strategy’s next Bitcoin purchase, sharing a chart marking past buys as Bitcoin rebounded above $111,000. The firm now holds 640,250 BTC worth over $71 billion.
  • Strategy’s mNAV has dropped to around 1.3x, limiting its ability to raise capital for more Bitcoin without diluting shareholders.

According to a recent post on his official X account, Strategy’s Chairman Michael Saylor appears to be foreshadowing when the next Bitcoin purchase will be. He shared a chart showcasing the Bitcoin treasury firm’s current BTC holdings to his 4.5 million followers with a caption that seems to hint at the next big move.

The orange dots depicted on the chart mark the number of times that the firm executed a Bitcoin ( BTC ) purchase. More often than not, the firm completed purchases when the asset’s price was on the rise.

“The most important orange dot is always the next,” said Michael Saylor in his latest post .

At press time, Strategy remains the largest corporate Bitcoin holder in the world, with holdings amounting to 640,250 BTC or equal to more than 3% of the total supply of BTC. Based on current market prices, the treasury firm’s trove is currently valued at more than $71 billion, with an average cost for each BTC at $74,000.

Michael Saylor hints at Strategy’s next Bitcoin buy image 0 Michael Saylor’s Strategy holds around $71 billion worth of Bitcoin | Source: Strategy Tracker

On Oct. 20, Bitcoin has bounced back from the continued downward pressure, rising by 4.24% in the past 24 hours. The largest cryptocurrency by market cap is currently trading hands at $111,259, having climbed back up from its previous slump under $110,000. However, it has been on a 3% decline since last week.

The last Bitcoin purchase made by Michael Saylor’s Strategy occurred on Oct. 13. The Bitcoin treasury company added 220 BTC to its reserves between Oct. 6 and Oct. 12. The purchase cost the company around $27.2 million with an average price of $123,561 per BTC.

The funds mostly came from its STRF, STRK, and STRD perpetual preferred stock vehicles.

Michael Saylor’s Strategy under pressure

According to data from StrategyTracker, Strategy’s market-to-Net-Asset-Value has fallen to a year-long low. On Oct. 20, the firm’s mNAV based on diluted shares stood at 1.30x, the lowest its been all year. Meanwhile, its basic shares stand at an mNAV of 1.17x.

The higher the mNAV, the easier it would be for Bitcoin treasury companies to raise capital through share sales for purchasing BTC. However, a low mNAV may mean that issuing new equity becomes less accretive. It may even risk diluting existing shareholders instead of enhancing value.

Michael Saylor hints at Strategy’s next Bitcoin buy image 1 Strategy’s mNAV has fallen to year-long lows of 1.30x | Source: Strategy Tracker

In the past, Strategy has tied its actions to particular mNAV bands in its guidance. For example, if mNAV managed to break above 4x, then it would choose to “actively issue” shares to buy Bitcoin. On the other hand, if it falls below 1x, the firm may consider other strategies such as repurchases.

Not only that, the MSTR stock has also been caught up in bearish momentum ever since the crypto market started experiencing a series of consecutive crashes. The stock’s price has gone down 13.71% in the past month and saw a continued 5.20% downturn within the past five days.

However, Michael Saylor’s post which signaled investors that the firm may be gearing up for another Bitcoin purchase seems to have reawakened market confidence. In the past 24 hours, the stock has seen modest gains, rising by 2.12%.

The market may be anticipating another Strategy purchase after a week of no activity. The action could boost the price of Bitcoin, which has slipped below $120,000 and dropped lower near the $100,000 threshold before slowly rebounding to above $110,000.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!