Bitcoin’s rapid descent from its record high has begun to strain corporate balance sheets, particularly among firms that accumulated BTC at elevated prices during the market’s recent bull run. While early adopter Strategy (formerly MicroStrategy) remains in a relatively stable position, other corporate holders like Metaplanet and Semler Scientific are now confronting mounting unrealized losses amid growing macroeconomic turmoil.
The benchmark cryptocurrency dropped to $74,500 over the weekend, marking a 32% decline from its all-time high of $108,000 in January. The correction followed President Donald Trump’s aggressive new tariff policy, which jolted global markets and triggered a sweeping sell-off in both equities and crypto assets.
Strategy’s Bitcoin Cushion Shrinks—but Holds
Despite the drawdown, Strategy maintains a strong position due to its disciplined, long-term Bitcoin acquisition strategy. The company currently holds 528,185 BTC with an average purchase price of $67,458, equating to a total investment of $35.6 billion. At present market levels, those holdings are valued at roughly $39.5 billion, leaving the company with a modest 10% unrealized gain.
Analysts say Strategy is in no immediate danger of margin pressure or forced liquidation. Its market cap-to-net asset value (mNAV) multiple remains under 2—an indicator that investors still see value in its Bitcoin-centric strategy and are factoring in long-term upside despite short-term volatility.
Strategy’s resilience stands in stark contrast to more recent Bitcoin adopters, whose higher average cost bases have made them far more vulnerable to price corrections.
Newer Entrants Face Steeper Losses
Japan’s Metaplanet, which disclosed Bitcoin holdings of 4,206 BTC at an average purchase price of $88,800, is now facing a paper loss of approximately 15%. The market reaction was swift: Metaplanet’s shares fell 20% on Monday, underscoring investor concerns about the company’s BTC exposure amid rising geopolitical and market risks.
Similarly, Semler Scientific, a U.S.-based firm that bought Bitcoin earlier this year at an average price of $87,854, has seen its stock price tumble 38% in 2025 alone. As Bitcoin dipped below $75,000, Semler’s crypto-heavy balance sheet has turned into a liability in the eyes of shareholders.
Trade Tensions Reinforce Risk-Off Sentiment
The broader macro backdrop is adding further stress to these positions. The market downturn coincides with President Trump’s newly enacted tariffs, which apply a flat 10% tax on nearly all U.S. imports and impose punitive “reciprocal” rates on specific trade partners, including China (34%) and the EU (20%). These measures have reignited fears of a prolonged global trade war and prompted a global retreat from risk assets.
As U.S. equity futures opened for the week, the sell-off was immediate: S&P 500 futures fell 4.3%, while Nasdaq 100 futures dropped 4.6%, setting a cautious tone for traditional and digital markets alike.
While Bitcoin has often been promoted as a hedge against inflation and geopolitical instability, the current environment suggests otherwise. With crypto increasingly tracking broader risk sentiment, its utility as a countercyclical asset is once again under scrutiny—especially for corporate treasuries hoping to use BTC as a long-term store of value.
Quick Facts
- Strategy holds 528,185 BTC at an average cost of $67,458, with unrealized profits of about 10%.
- Metaplanet owns 4,206 BTC acquired at $88,800, now down roughly 15%.
- Semler Scientific is underwater on its BTC buys at $87,854, with stock down 38% year-to-date.
- The broader sell-off was triggered by U.S. tariffs, sending S&P futures down 4.3% and Nasdaq futures 4.6%.
