Strategy, the company that has built its identity around hoarding Bitcoin, is now sitting on paper losses — and buying more anyway.
That gap has pushed Strategy’s net asset value below 1, meaning the stock is worth less than the Bitcoin it holds. It is a sharp reversal for a company that long commanded a premium over its own treasury.
Another Round Of BuyingStrategy’s most recent buy came in the final week of February, when the company added 3,015 coins for more than $200 million, bringing its total haul to 720,737 Bitcoin. At current prices, that cache is worth roughly $48 billion.
The company has not paused its buying despite a broad market decline. Strategy continues to fund its purchases through debt and equity offerings — a model that works smoothly when Bitcoin is climbing, but draws harder scrutiny when prices fall.
With its NAV now below 1, some investors are getting Bitcoin exposure at a discount through the stock, which is a dynamic that rarely worked in Saylor’s favor before.
Saylor has made clear in past statements that Strategy is not a short-term trade but a long-duration bet on Bitcoin as a reserve asset.
Pressure Builds Across The Bitcoin Treasury SpaceStrategy is not alone in feeling the squeeze. According to reports, the broader Bitcoin treasury sector could see consolidation in 2026, with cash-generating businesses moving to absorb companies that simply accumulate coins without producing revenue.
Wojciech Kaszycki, chief strategy officer at treasury firm BTCS, said companies trading below net asset value are under real pressure. Consolidating with another player, “sometimes two plus two equals six or more,” he said.
Saylor has brushed off that path. He said mergers and acquisitions take too long and carry too much uncertainty, noting that deals which look attractive at the start can look very different six to nine months later.
Whether another purchase is confirmed remains to be seen. But if history is any guide, the chart post rarely comes without a filing to follow.
Featured image from mybrokerone.com, chart from TradingView
