Corporate Bitcoin Holdings Tested as Market Dips; Strategy Stays Afloat While Peers Struggle

Bitcoin’s steep correction is putting corporate crypto treasuries under pressure, with some firms now underwater on their digital asset strategies as prices tumble below key thresholds.

BTC sank to $74,500 on Monday — its lowest level in five months — amid mounting macroeconomic uncertainty following President Trump’s sweeping tariff escalation. The pullback marks a 33% decline from the record high reached in January, intensifying scrutiny on publicly traded companies that have allocated billions into bitcoin.

Strategy (MSTR), the largest corporate bitcoin holder, remains modestly profitable on paper. With 528,185 BTC acquired at an average price of $67,458, the firm holds an unrealized gain of about $3.9 billion on its $35.6 billion investment. The current value of its holdings sits at $39.5 billion.

While the company’s market cap still trades at a premium to its bitcoin stash — reflected in a sub-2 mNAV ratio — the cushion has narrowed significantly. Still, analysts note that Strategy is structurally insulated from margin risk, even in the event of further downside.

Not all firms share that buffer.

Metaplanet (3350), which disclosed in early April that it holds 4,206 BTC at an average entry of ¥12.9 million ($88,800), is now sitting on a roughly 15% unrealized loss. The Japanese company’s stock fell 20% on Monday, tracking crypto’s broader downturn.

Meanwhile, Semler Scientific (SMLR), another bitcoin adopter, is facing heavier losses. With BTC bought at an average price of $87,854 per coin, the company is now deep in negative territory as prices hover well below that mark.

So far in 2025, bitcoin has declined 20%, but the ripple effect on related equities has been sharper: Semler is down 38%, Metaplanet 15%, and Strategy just 2%.

As markets remain volatile and investors continue to flee risk assets, crypto-exposed companies may need to brace for further turbulence — and prepare to defend the long-term case for bitcoin amid short-term pain.