Strategy signals new Bitcoin purchase even amid multi-billion-dollar loss
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Michael Saylor once again indicated that Strategy may announce a new Bitcoin purchase in the coming days. On Sunday, the company's co-founder and executive chairman posted on his account on the X network the traditional chart that accompanies BTC acquisitions, along with the phrase "We will need more charts". The post usually precedes official announcements disclosing new purchases by the company.
In recent months, this pattern has repeated several times. Whenever Saylor shares the chart with the well-known orange marker, the company releases a report on Monday confirming new acquisitions made in the previous week. The behavior reinforced the market's expectation that Strategy will continue expanding its Bitcoin reserves.
Currently, the company holds 847.363 BTC accumulated. Considering the previously disclosed average acquisition price of approximately US$ 75.646 per unit, the position began to register an unrealized loss close to US$ 13 billion, since Bitcoin was trading below US$ 60 thousand on Sunday.
Even in the face of this devaluation, the company continues to defend its long-term strategy. The most recent purchase was significantly smaller than the previous ones. On June 22, Strategy reported the acquisition of only 520 bitcoins for about US$ 35 million, while reinforcing its dollar cash position, raising its reserves to approximately US$ 1,4 billion.
The slowdown in purchases comes at a time of pressure on the financing model used by the company. Strategy's common shares fell to about US$ 82, reaching the lowest level since February 2024. At the same time, the preferred shares STRC also posted a sharp drop, coming close to US$ 71, well below their par value of US$ 100.
This movement caused the company's mNAV index to fall below 1 for the first time. The indicator compares the company's market value, including debt and preferred shares, with the total value of the bitcoins held in treasury. As a result, the market began to value Strategy below the value of its own BTC, making new fundraising through share issuance more difficult.
Meanwhile, on-chain analysts also suggested a more cautious stance. One study recommended that the company temporarily halt new purchases to strengthen its cash position, highlighting the increase in obligations related to dividend payments and the reduction in the financial coverage of the preferred shares.
Despite the criticism and pressure on its shares, Saylor continues to defend the Bitcoin accumulation policy. In recent interviews, the executive stated that the company intends to remain a net buyer of the cryptocurrency, acquiring much more BTC than it may eventually sell. If a new acquisition is confirmed this week, Strategy will once again expand its leadership among the companies with the largest corporate Bitcoin reserve in the market.