The recent crash in Bitcoin’s price has sent ripples through the corporate world, particularly among firms that made bold bets on the digital asset. With Bitcoin now hovering around $76,652—more than 30% below its January peak—major holders like Strategy, Metaplanet, and Semler Scientific are experiencing significant financial strain. What was once a symbol of corporate innovation now risks becoming a liability as market volatility tightens its grip.
Strategy remains one of the most prominent institutional investors in Bitcoin, holding 528,185 BTC at an average purchase price of $67,458. On paper, the company is still in the green, sitting on an unrealized gain of roughly 10%, or $3.9 billion. However, the margin for error is rapidly shrinking. Analyst Gus Gala from Monness Crespi Hardt recently downgraded Strategy’s stock to a sell, pointing out that the company may be reaching the limits of its current financing model. “The convertible issuance strategy is likely tapped,” he noted, adding that without a pivot toward more stable fixed-income funding, Strategy’s Bitcoin accumulation plan could become “increasingly challenged.”
The company has already used up $18.6 billion of its $21 billion share offering program and recently raised an additional $711 million through preferred stock. With Gala’s price target set at $220, this implies a potential 30% drop from current levels, raising concerns about whether Strategy can continue expanding its Bitcoin holdings without jeopardizing its financial stability.
While Strategy still has some cushion, other players are already underwater. Japanese firm Metaplanet, which holds 4,206 BTC purchased at an average of $88,800 per coin, is facing a 15% loss on its investment. The market has responded swiftly—Metaplanet’s stock plunged 20% in just one day, a reflection of growing investor anxiety. Meanwhile, Semler Scientific, which entered the crypto arena at a similar price point with an average of $87,854 per Bitcoin, has seen its stock decline by 37% so far this year.
Amid this turmoil, analysts remain divided on the path ahead. Some maintain a long-term bullish stance, suggesting Bitcoin could reach $250,000 under favorable conditions. Yet in the short term, the mood is cautious. VanEck has warned that companies like Metaplanet may be trading at valuations that are unsustainable if the downturn persists.
The core of the issue isn’t just the falling price of Bitcoin—it’s the structure of the financial strategies behind these corporate bets. As liquidity tightens and volatility spikes, the viability of these crypto-heavy portfolios is being put to the test. What seemed like visionary moves in a bull market are now facing the reality of risk in a more uncertain environment. Whether this is a temporary correction or the start of a deeper recalibration remains to be seen, but for now, the pressure is mounting.
By Alejandro Silva Ramírez, Crypto Analyst & Columnist