Michael Saylor, the co-founder of Bitcoin (BTC) treasury company Strategy, indicated on Sunday that the company may be preparing to buy more BTC as the price hovers near the $66,000 level.
“The Second Century Begins,” Saylor said on X, as he shared the Strategy BTC accumulation chart that has become synonymous with impending BTC purchases.
Strategy’s most recent BTC purchase occurred during the last week of February, when the company bought 3,015 BTC for more than $204 million, bringing its total holdings to 720,737 BTC, valued at about $48.1 billion using market prices at the time of publication.
The price of Bitcoin is currently below Strategy’s average purchase cost of about $75,985 per BTC, according to data from SaylorTracker.
The company continues to accumulate BTC through debt and equity financing, even amid a broad market downturn and a collapse in net asset values (NAVs) for Treasury companies.
Strategy’s mNAV is just below 1, meaning the company is trading at a discount to its BTC treasury.
Related: Strategy boosts monthly STRC preferred dividend to 11.5% for March 2026
2026 may be the year of consolidation for crypto treasury companies, but Saylor isn’t buying
The digital asset treasury market could consolidate in 2026, as companies with operating businesses that generate cash flow will buy up treasury companies that simply accumulate BTC, according to Wojciech Kaszycki, chief strategy officer of treasury company BTCS.
“If you consolidate with another player, sometimes two plus two equals six or more, you can win faster, because everybody in this market trading below net asset value is struggling,” he told Cointelegraph.
Crypto treasury companies can provide validation services for blockchain networks, mine cryptocurrencies, offer private or public credit instruments, or start any business unrelated to digital assets to generate revenue, he added.
Saylor has dismissed the idea of buying up competitors or distressed BTC treasury companies, citing financial uncertainty as the main reason for avoiding mergers and acquisitions.
“These things tend to stretch out six to nine months or a year,” he said. “An idea that looks good when you start might not still be a good idea six months later,” he added.
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