Bitcoin's Sharp Decline: Michael Saylor Remains Calm, Reveals New Accumulation Phase

Strategy has quietly added Bitcoin to its holdings for the 12th consecutive week, not slowing down even as prices fluctuate. Michael Saylor’s social media chart again attracts attention, marking the company’s upcoming 99th BTC transaction.
The latest purchase was 1,142 BTC at a cost of over $90 million, bringing the total BTC holdings to 714,644 BTC — an investment valued at over $49 billion at current market rates.
Continued Buying Strategy
Reports show the company’s strategy is straightforward: buy when prices fall. The company’s buying has become a regular rhythm in the market. While other firms pause or raise capital, this one continues to acquire cryptocurrencies at prices below the average of $76,000.
Critics point out the risks of continuing to invest during a downturn. Supporters argue that accumulating at lower prices will expand long-term profit margins.
Market Signals
Signals from the cryptocurrency treasury management sector generally depict a rather bleak picture. Standard Chartered Bank warns that by September 2025, some large treasury management firms will be trading with a net asset value (mNAV) below 1 — a sign that their stock prices are undervalued relative to the assets they hold.
That index is crucial because companies with an mNAV above 1 typically find it easier to raise capital and issue shares to buy more cryptocurrencies. The industry faced significant pressure before the sudden collapse in October.
Subsequently, the stock market caused heavier losses; Strategy reports a $12.4 billion loss in Q4, causing stock prices to drop about 15% at that time, although they have since partially recovered and recently closed at $133.80.
Bitcoin Price Development
Midweek, Bitcoin traded near $68,000 after previous declines, creating a short-term sense of stability.
Market sentiment was affected by news — geopolitical concerns in the Middle East pushed BTC below $78,000 briefly — leading many investors to withdraw from risky investments.
Altcoins were hit harder, while the largest coin showed relative strength. Traders say this movement is a combination of news-related risk and a pause in new buying pressure.
Significance of Buying
This strong buying wave sends a clear message: a strategy of holding through volatile periods. This approach has been rewarded in previous cycles but also comes with costs.
The losses in Q4 and the decline in the company’s stock price show that risk concentration can exacerbate problems. The industry’s balance sheets have been tested. For some companies, market valuation assessments have been very harsh.