Key Takeaways
What happened to MSTR?
It dropped by 4% in a month, even though Bitcoin’s value rose by 3% over the same period.
How are other “Bitcoin treasury” firms doing?
Other firms fell far worse – Metaplanet fell by 36%, KindlyMD by 87%, and Semler Scientific by 12%.
Michael Saylor’s firm, Strategy (formerly MicroStrategy), has long been hailed as the poster child of corporate Bitcoin [BTC] adoption.
Its bold treasury strategy has not only pushed MSTR into the spotlight, but also inspired dozens of other companies to follow a Bitcoin-centric path.
And yet, the narrative has somewhat shifted in recent weeks.
Strategy and other firms face a decline
Despite Bitcoin climbing by 3% over the past month, Strategy’s stock slid by 4%, sparking renewed debate over whether Saylor’s high-stakes, debt-fueled bet on the world’s largest cryptocurrency is as resilient as once believed.
While Michael Saylor’s Strategy faced a modest dip, other firms that mimicked its Bitcoin-first playbook are seeing far steeper declines.
Japanese hotel operator Metaplanet, for instance, plunged by 27.62% in just a month. Others like healthcare startup KindlyMD, a newcomer to the Bitcoin treasury club, collapsed by 87%.
In fact, even medical tech firm Semler Scientific, which joined the trend earlier this year, is down 12% right now.
Not everyone is backing away though.
A persistence of optimism
The Swiss National Bank has quietly started purchasing shares of MicroStrategy (MSTR), effectively giving the central bank indirect exposure to Bitcoin without buying the cryptocurrency outright.
A lot of the aforementioned companies initially rushed into Bitcoin treasuries when soaring prices, looser regulations, and favorable accounting changes made it attractive to do so.
Alas, saturation is now evident.
With over 180 public firms holding Bitcoin and controlling roughly 5% of all coins in circulation, some are trading below the value of their actual crypto reserves.
Therefore, analysts warn that this imbalance could spark investor frustration or even forced liquidations, creating fresh stress points for balance sheets.
Syalor is not backing down!
And yet, despite everything, Saylor is continuing to double down on his Bitcoin thesis. He added another 3,081 BTC worth roughly $357 million – Pushing Strategy’s total stash to 632,457 BTC.
The scale of the bet is striking. Especially after Saylor hinted in August that Strategy could aim for 3%–7% of all Bitcoin in circulation.
Nobody knows whether this bold accumulation play will cement Strategy’s place as the ultimate Bitcoin proxy or add more fuel to concerns about overexposure. One thing is clear though – Saylor is not backing down, even as the broader “Bitcoin treasury” trend shows signs of strain.