What Bitcoin Rout? Michael Saylor Unfazed, Teases New Accumulation

Strategy has been quietly adding to its Bitcoin pile for the 12th straight week, refusing to slow down even as prices wobble. Michael Saylor’s chart on social feed grabbed attention again, marking what the firm calls its upcoming 99th BTC trade.

The latest buy was 1,142 BTC for just over $90 million, bringing the total on the books to 714,644 BTC — a holding that’s valued at a little over $49 billion at current market rates.

Strategy Keeps Buying

Reports note that the company’s pattern is simple: buy through weakness. The firm’s purchases have become a steady drumbeat in the market. While others paused or raised cash, the firm added coins below its $76,000 average cost.

Critics point to the risk of doubling down when markets slip. Supporters argue accumulation at lower prices widens the margin for long-term gains.

Market Signals

Signals from the wider crypto treasury sector paint a rough picture. Standard Chartered Bank warned that by September 2025 several big treasury firms were trading with an mNAV below 1 — a sign their shares were priced under the value of the assets they hold.

That metric matters because companies with an mNAV above 1 tend to find it easier to raise capital and issue shares to buy more crypto. The sector was already under strain before the October flash crash.

The crash then carved deeper losses; Strategy reported a Q4 hit of $12.4 billion, which sent its share price down about 15% at the time, though the stock has recovered some ground and closed recently at $133.80.

Midway through the week, Bitcoin traded near $68,000 after earlier slides, giving a sense of short-term calm.

The market’s mood has been pushed and pulled by headlines — geopolitical worries in the Middle East nudged BTC under $78,000 briefly — and that pulled many investors back from risky bets.

Altcoins were hit harder, while the largest coin showed relative strength. Traders said the move was a mix of headline risk and a pause in fresh buyers.

The buying streak sends a clear message: Strategy believes in holding through volatility. That stance has been rewarded in past cycles but it’s not without cost.

The Q4 loss and the hit to the company’s stock show how concentrated exposure can amplify pain. Balance sheets were tested across the sector. For some firms, the market’s price judgment has been unforgiving.

Featured image from Bitbo, chart from TradingView