Strategy’s Bitcoin Cushion Shrinks as BTC Drops to 5-Month Low
Bitcoin’s plunge below $75,000 is beginning to tighten the margins for corporate bitcoin holders, as the broader market continues to reel from global economic turmoil sparked by President Donald Trump’s sweeping tariff policy.
On Monday, BTC fell to $74,500 — a five-month low — representing a 33% pullback from its January 20 all-time high. For corporate bitcoin heavyweight Strategy (NASDAQ: MSTR), the correction narrows its cushion but still leaves it modestly in the green.
Strategy’s total BTC holdings now stand at 528,185 coins, acquired at a total cost of $35.6 billion. With an average cost basis of $67,458 per bitcoin, the firm holds an unrealized profit of around $3.9 billion, or roughly 10%, at current prices. Strategy’s market value relative to its BTC holdings — its mNAV multiple — remains under 2, suggesting shares are trading at a premium, but the gap is closing.
Despite the pullback, CoinDesk analysis shows MSTR faces no imminent liquidation risk, even if bitcoin slips below its average entry point.
Meanwhile, other publicly listed firms that joined the bitcoin-buying wave are faring worse. Japanese firm Metaplanet (TSE: 3350) holds 4,206 BTC with an average cost basis of ¥12,925,027 per coin (approximately $88,800), placing it more than 15% underwater. Metaplanet’s stock dropped 20% on Monday amid intensifying sell pressure.
Semler Scientific (NASDAQ: SMLR), which disclosed bitcoin purchases at an average of $87,854 per BTC back in February, is also deeply in the red.
Year-to-date, bitcoin is down 20%. In comparison, Semler shares have tumbled 38%, Metaplanet has shed 15%, and Strategy has slipped just 2% — largely buffered by its earlier, lower-cost entries.
As the market digests ongoing macro volatility, the fate of corporate crypto strategies will likely hinge on whether bitcoin can stabilize — or whether more pain is yet to come.
