Strategy Holds Steady Amid Bitcoin Position, While Metaplanet and Semler Sink

Bitcoin Slide Pressures Corporate Crypto Bets as Strategy’s Margin Narrows

As Bitcoin (BTC) sinks to multi-month lows amid a global wave of risk aversion triggered by U.S. tariffs, companies with large crypto holdings are starting to feel the heat — with gains evaporating and losses mounting across the board.

BTC dropped to $74,500 on Monday, down over 30% from its January peak. The slump, fueled by macroeconomic fears and a wave of selling across global markets, has pushed several bitcoin-exposed firms closer to their breakeven points — or deeper into the red.

Strategy (NASDAQ: MSTR), the poster child for corporate bitcoin exposure, is still in the black, but just barely. With 528,185 BTC acquired for $35.6 billion, the firm has an average cost basis of $67,458. That puts it roughly 10% above water at current valuations — amounting to an unrealized gain of about $3.9 billion. Its market cap-to-net-asset-value (mNAV) ratio remains under 2, suggesting the stock still carries a modest premium.

According to CoinDesk analysts, Strategy is not at risk of liquidation even if bitcoin dips below its average entry point — a testament to the company’s long-term conviction and capital structure.

However, newer entrants to the bitcoin playbook are facing steeper losses.

Japan-based Metaplanet (TSE: 3350) holds 4,206 BTC purchased at an average price of ¥12.9 million per coin (about $88,800). With BTC now well below that level, Metaplanet is nursing paper losses of around 15%. Its stock plunged 20% on Monday alone as investor anxiety flared.

Semler Scientific (NASDAQ: SMLR) isn’t faring much better. The firm revealed in February that it had bought bitcoin at an average of $87,854. With prices firmly below that threshold, its losses are stacking up fast.

Since the start of 2025, BTC has declined 20%. In contrast, Semler’s stock is down 38%, Metaplanet has shed 15%, and Strategy is off just 2% — a relatively strong showing given its earlier entries and higher resilience.

Still, with volatility returning and no clear macro catalyst for recovery, the pressure on corporate bitcoin holders may only intensify from here.