Mr. Saylor’s Peculiar Affection for Bitcoin: A Tale of Persistence and Paper Losses

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It appears that Strategy, a firm of most singular determination, continues to pursue its peculiar attachment to Bitcoin with an ardour that defies both reason and the current market. Despite sitting upon a heap of paper losses, the company persists in its acquisitive ways, as though the value of its treasure were not a matter of some concern.

Their average purchase price, a staggering £75,985 per coin, stands in stark contrast to the present trading value of approximately £66,850. This disparity has occasioned a most unfavourable circumstance: the company’s net asset value has sunk below the mark of one, rendering its stock less valuable than the Bitcoin it so zealously hoards. A most mortifying reversal for a firm that once boasted a premium above its own treasury.

Another Episode of Acquisition

Undeterred by such trifles, the co-founder, Mr. Michael Saylor, took to the platform X with an air of triumph, posting the firm’s Bitcoin accumulation chart alongside the proclamation, “The Second Century Begins.” A declaration that, to the initiated, signals yet another purchase is afoot. One cannot help but marvel at the man’s indefatigable spirit, though whether it be wisdom or folly remains a question for the ages.

In the final week of February, Strategy added 3,015 coins to its coffers, expending over £200 million in the process. This brings their total holdings to a formidable 720,737 Bitcoin, valued at roughly £48 billion at current rates. A sum that, one might imagine, could purchase a great deal of comfort and security, were it not so precariously invested.

The Second Century Begins.

– Michael Saylor (@saylor) March 8, 2026

Debt and Equity: The Fuel for Such Extravagance

Strategy’s relentless pursuit of Bitcoin is sustained by a model that relies upon debt and equity offerings-a scheme that operates smoothly when the market is ascendant but invites scrutiny when prices decline. With their NAV now below one, investors find themselves in the peculiar position of acquiring Bitcoin exposure at a discount through the stock, a circumstance that has rarely favoured Mr. Saylor in the past.

Data from SaylorTracker reveals the extent of the current predicament. The company’s unrealized losses widen with each dip in Bitcoin’s price, yet there is no indication that Strategy intends to alter its course. Mr. Saylor has made it abundantly clear that his firm is not engaged in a short-term speculation but rather a long-duration wager on Bitcoin as a reserve asset. A noble sentiment, perhaps, but one that may yet prove costly.

Pressure Builds Across The Bitcoin Treasury Space

Strategy is not alone in its trials. Reports suggest that the broader Bitcoin treasury sector may witness consolidation in 2026, with cash-generating businesses poised to absorb those firms that merely accumulate coins without producing revenue. Mr. Wojciech Kaszycki, chief strategy officer at treasury firm BTCS, observes that companies trading below net asset value are under considerable strain. Consolidation, he notes, may prove beneficial, for “sometimes two plus two equals six or more.”

Mr. Saylor, however, dismisses this path with a wave of the hand, declaring that mergers and acquisitions are fraught with uncertainty and delay. He insists that deals which appear attractive at the outset may look quite different six to nine months hence. Whether another purchase will indeed materialise remains to be seen, though history suggests that such chart postings are seldom made without a subsequent filing.

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2026-03-10 06:58