Bitcoin has dropped more than 30% from its January high, and companies betting big on the crypto are starting to feel the sting. Strategy (MSTR), Metaplanet (JP:3350), and Semler Scientific (SMLR)—three of the biggest corporate holders—are now facing mounting losses as Bitcoin slides below $79,000.
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Strategy Stays in the Green but Cushion Shrinks Fast
Strategy is still in the green on its massive Bitcoin bet. The company holds 528,185 BTC with an average cost of $67,458, giving it a 10% unrealized gain—about $3.9 billion. But with Bitcoin sitting at $76,652 at the time of writing, that cushion is thinning.
Now, the real concern isn’t price—it’s funding. Analyst Gus Gala at Monness Crespi Hardt just downgraded Strategy (MSTR) to a sell, warning the firm’s aggressive Bitcoin buying may soon hit a wall. “The convertible issuance strategy is likely tapped,” Gala wrote, adding that…
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