The companies that built their entire identity around stacking Bitcoin just watched $62 billion in shareholder value evaporate. The combined fully diluted market capitalization of Bitcoin treasury firms dropped from around $134 billion to roughly $72 billion.
Bitcoin itself has been trading in the $60,000 to $63,000 range, well off its previous highs. And the stocks tethered to it have, predictably, fallen even harder.
Strategy Inc. takes the biggest hit
Strategy Inc., the firm formerly known as MicroStrategy, saw its market cap crater from $102.2 billion to about $45.6 billion. That’s a roughly 55% decline.
The company currently holds over 843,700 BTC, purchased at an average cost of approximately $75,699 per coin. Strategy’s entire Bitcoin stash is underwater at current prices, with Bitcoin trading more than $12,000 below that average acquisition cost.
