Whale Rockets 10x in a Week as Saylor Buys $109M BTC
Michael Saylor signals potential new Bitcoin buying as Strategy faces tightening funding dynamics
Michael Saylor, the executive chairman of Strategy, posted “Bigger Orange,” a message that has been widely read as a hint that the company may have added to its Bitcoin position. The post follows last week’s disclosed purchase, suggesting continued emphasis on expanding the firm’s Bitcoin treasury.
The company’s accumulation efforts matter because of the scale Strategy has reached. Another major buying milestone would place its Bitcoin holdings among the largest known corporate treasuries, trailing only BlackRock’s IBIT exchange-traded fund and the estimated 1.2 million BTC attributed to Satoshi Nakamoto, Bitcoin’s pseudonymous creator.
At the same time, the move comes during a challenging period for Strategy’s core business and market valuation. The enterprise software firm’s stock fell more than 50% last year, and its market-to-net-asset-value (mNAV) premium has compressed to roughly 1.0x.
That mNAV premium has been a key part of the financial mechanism Strategy has used to fund Bitcoin acquisitions, effectively enabling it to raise capital at a valuation above the value of its underlying assets. With the premium now largely gone, the conditions that previously supported that approach appear less favorable, putting more scrutiny on how additional purchases could be financed.
