Bitcoin
|3 min ReadMichael Saylor Teases New Bitcoin Buy as Treasury Values Slide
Maya Chen
Senior Analyst
Published
Jan 16, 2026
Another “Orange Dot” Sparks Speculation
Michael Saylor is hinting again. The Strategy co-founder — formerly known for building MicroStrategy — posted a chart Sunday suggesting another Bitcoin purchase may be on the horizon, even as corporate Bitcoin treasuries face steep drops in net asset value.
In his post on X, Saylor shared a chart from the Saylor Bitcoin Tracker showing Strategy’s cumulative Bitcoin buys. “The most important orange dot is always the next,” he wrote, a phrase that has often preceded new purchase announcements.
The chart lists 82 separate buys totaling 640,250 BTC, worth roughly 74,000 per coin. Traders quickly read it as a sign that Strategy might be preparing another acquisition.
Strategy Still Rules the Bitcoin Treasury League
According to BitcoinTreasuries.Net, Strategy remains the world’s largest corporate Bitcoin holder, commanding nearly 2.5 percent of total BTC supply. Its 640,250 BTC outstrips the combined holdings of the top 15 public miners and most listed firms.
The second-largest holder, MARA Holdings, controls 53,250 BTC valued at about $5.7 billion. XXI Capital ranks third with 43,514 BTC, and Japan’s Metaplanet sits fourth at 30,823 BTC. The Bitcoin Standard Treasury Company rounds out the top five with 30,021 BTC.
Other U.S.-listed names like Riot Platforms, CleanSpark, Coinbase, and Tesla also hold notable reserves. Altogether, the top 15 public firms collectively own more than 900,000 BTC.
Corporate NAVs Under Pressure
Saylor’s post lands amid a turbulent stretch for corporate Bitcoin treasuries. A recent 10x Research report said the group’s net asset values have collapsed, wiping out billions in paper gains as Bitcoin’s price retraced and valuations normalized.
Analysts noted that the boom in “Bitcoin treasury companies,” which once traded at hefty premiums to their actual holdings, has now “fully round-tripped.” Retail investors took the losses, while corporate holders accumulated real Bitcoin at lower prices.
Metaplanet has been hit especially hard. On Tuesday, its enterprise value dropped below the value of its Bitcoin holdings for the first time, with its market-to-NAV ratio sliding to 0.99. That means investors now value the company at less than the BTC it owns.
Even so, Saylor’s cryptic optimism suggests the largest Bitcoin corporate bull isn’t done buying. The next orange dot, as always, may already be on its way.
Disclaimer: This document is intended for informational and entertainment purposes only. The views expressed in this document are not, and should not be taken as, investment advice or recommendations. Recipients should do their own due diligence, taking into account their specific financial circumstances, investment objectives and risk tolerance, which are not considered here, before investing. This document is not an offer, or the solicitation of an offer, to buy or sell any of the assets mentioned.