Michael Saylor, co-founder of Bitcoin treasury firm Strategy, signaled that the company is continuing to purchase BTC during the ongoing market decline, extending its streak to a 12th consecutive week of buying.

On Sunday, Saylor shared the firm’s well-known BTC accumulation chart on X, a graphic closely associated with Strategy’s purchase activity, now pointing toward what would be its 99th Bitcoin transaction.

The company’s latest acquisition took place on Feb. 9, when Strategy purchased 1,142 BTC for over $90 million. This increased total holdings to 714,644 BTC, valued at approximately $49.3 billion at current market prices at the time of writing.

Market downturn and persistent strategy

Bitcoin and the wider cryptocurrency market experienced a sharp decline following a flash crash in October, which pushed BTC more than 50% down from its all-time high above $125,000 and below Strategy’s average acquisition cost of $76,000 per coin.

Despite the downturn, the firm maintained its accumulation approach, countering analyst expectations that Strategy might liquidate part of its holdings or suspend purchases during a broader market contraction.

Financial pressure and market metrics

Even before the October crash, the crypto treasury sector had already been showing signs of strain. Several treasury firms saw significant stock price declines alongside a drop in mNAV, or multiple on net asset value, a key indicator for companies holding crypto reserves.

Strategy’s mNAV fell below 1 and currently stands at 0.90, a level that Standard Chartered previously warned could signal stress for treasury companies. Firms trading above an mNAV of 1 typically find it easier to raise capital and issue stock to fund additional crypto purchases, while values below this threshold suggest the market is pricing them beneath the value of their underlying assets.

Earlier this month, Strategy reported a fourth-quarter loss of $12.4 billion, which pushed its stock down roughly 17%. The shares have since recovered part of that decline, closing at $133.88 on Friday.

Sources:

https://cointelegraph.com/news/michael-saylor-signals-strategy-buy-bitcoin

https://x.com/saylor/status/2023013346757484588

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