Bitcoin Dip Exposes Diverging Fortunes: Strategy Remains Resilient, Rivals Struggle
As bitcoin tumbled to a five-month low near $74,500, corporate holders of the cryptocurrency are seeing sharply different outcomes based on their timing and positioning.
For Strategy (MSTR), the largest corporate bitcoin holder, the latest correction has narrowed its cushion but not erased it. With a total stash of 528,185 BTC acquired at an average price of $67,458, the firm still maintains an unrealized profit of roughly $3.9 billion. Despite BTC shedding a third of its value since its January peak, Strategy’s holdings remain in the green — for now.
The company’s market capitalization continues to trade at a premium to the value of its bitcoin holdings, with a market-to-net-asset-value (mNAV) ratio just under 2. According to CoinDesk, the firm faces no immediate risk of liquidation even if prices dip below its cost basis.
But not every firm has been so fortunate.
Metaplanet (3350), Japan’s most prominent corporate bitcoin adopter, finds itself on shakier ground. With 4,206 BTC purchased at an average price of ¥12.9 million ($88,800), the company is sitting on paper losses of around 15%. Investors took note — its shares dropped 20% on Monday alone, mirroring the crypto market’s decline.
Semler Scientific (SMLR) is also underwater. Having bought BTC at an average cost of $87,854, the firm has seen its stock plunge 38% year-to-date, nearly double bitcoin’s 20% slide over the same period.
In an environment dominated by macroeconomic headwinds — including global tariff escalations and risk-off sentiment — these companies’ divergent outcomes underscore the importance of timing and strategy in crypto exposure. While some, like Strategy, continue to weather the storm, others may need to reassess their approach if market turbulence persists.
