Strategy Struggles to Stay Afloat with Bitcoin Exposure; Metaplanet, Semler Drop Hard

Bitcoin’s Sharp Decline Tests Corporate Conviction: Strategy Holds the Line, Others Falter

Bitcoin’s retreat to $74,500 — a level not seen in five months — is putting pressure on firms that have integrated the cryptocurrency into their balance sheets, exposing varying levels of resilience across the board.

After rallying to an all-time high in January, BTC has shed over 33%, rattled by global market turmoil following President Donald Trump’s tariff blitz. The broader risk-off environment is forcing a reassessment of bitcoin treasury strategies among major corporate holders.

Strategy (MSTR), which leads the pack with 528,185 BTC, still holds a modest unrealized gain. The average cost basis of $67,458 puts the company ahead by about 10%, or $3.9 billion, on a total investment of $35.6 billion. Despite the drawdown, Strategy’s mNAV ratio — just under 2 — signals investors are still pricing in a premium for its BTC exposure.

According to CoinDesk data, MSTR is not at risk of forced liquidation, even if BTC slips below its average entry price.

Metaplanet (3350), a newer entrant to the corporate bitcoin club, finds itself in a tougher position. With 4,206 BTC acquired at ¥12.9 million ($88,800) each, its holdings are approximately 15% underwater. The stock responded accordingly, dropping 20% on Monday alone.

Semler Scientific (SMLR) is also feeling the sting. Having purchased BTC at an average of $87,854 per coin, its unrealized losses are steeper. The company’s stock is down 38% year-to-date — nearly double BTC’s 20% slide.

While Strategy’s diversified exposure and early positioning provide a cushion, the same can’t be said for newer or higher-cost entrants. As macro pressures intensify, these firms may need to reckon with mark-to-market losses and investor concerns about crypto-linked volatility.

For now, the market continues to sort winners from the wobbly — and conviction from convenience — in the race to integrate bitcoin as a treasury asset.

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