Summary: Bitcoin-focused company Strategy is trading below the value of its crypto holdings as the market retreats, yet the firm continues to signal additional purchases. Co-founder Michael Saylor hinted at another buy after Strategy’s average cost basis climbed above current prices, underscoring the company’s long-term accumulation strategy funded by debt and equity.
NAV Slides as Bitcoin Trades Below Strategy’s Cost Basis
Strategy’s average purchase price stands at roughly $75,985 per Bitcoin, compared with Bitcoin trading around $66,850 at press time. That gap has pushed Strategy’s net asset value (NAV) below 1, indicating the stock is valued at less than the Bitcoin it holds on a per-share basis.
Data tracked by third-party services shows the company is sitting on sizable unrealized losses that widen with each market dip. Despite the drawdown, Strategy’s management has consistently framed its position as a long-duration bet on Bitcoin as a reserve asset rather than a short-term trade.
Saylor Signals More Buying
Co-founder Michael Saylor posted a Bitcoin accumulation chart on X over the weekend with the message, “The Second Century Begins,” a phrase he has used previously ahead of new purchases. Strategy’s most recent buy came in the final week of February, when it added 3,015 BTC for more than $200 million, bringing total holdings to 720,737 BTC. At current prices, that stash is worth roughly $48 billion.
Whether a fresh purchase follows the latest post is unconfirmed. Historically, similar signals have often preceded formal filings.
Debt and Equity Continue to Fund Accumulation
Strategy has continued to finance Bitcoin acquisitions through debt and equity offerings. That model supports rapid balance-sheet expansion during bullish markets but draws closer scrutiny in downturns, particularly as shares trade below NAV. The discount means some investors are effectively gaining exposure to Bitcoin at a lower price via the company’s stock than by buying the asset directly.
Pressure Builds Across Bitcoin Treasury Firms
The broader sector of companies holding Bitcoin on their balance sheets faces rising pressure as prices soften. Industry reports suggest potential consolidation in 2026, with cash-generating firms positioned to acquire pure accumulation vehicles. Wojciech Kaszycki, chief strategy officer at treasury firm BTCS, said companies trading below NAV are under real strain. Combining operations, he noted, can sometimes create outsized value: “sometimes two plus two equals six or more.”
Saylor has downplayed the prospect of mergers or acquisitions, arguing that deal timelines and uncertainties can erode initial appeal. For now, Strategy’s stance appears unchanged: keep accumulating Bitcoin and ride out market volatility.