Corporate Bitcoin Bets Tested as BTC Drops Below $75K

Bitcoin (BTC) has dropped to a five-month low of $74,500, marking a 33% decline from its January 20 all-time high. The downturn follows a broader market correction triggered by renewed concerns over President Donald Trump’s tariffs.

MicroStrategy (MSTR), known for its aggressive Bitcoin acquisition strategy, remains slightly in the green. The firm holds 528,185 BTC, purchased for $35.6 billion at an average price of $67,458 per coin. Despite the recent dip, its holdings are currently worth $39.5 billion, reflecting a 10% unrealized gain of about $3.9 billion. MSTR’s market cap-to-net asset value (mNAV) ratio stands just below 2, indicating that the stock still trades at a premium. CoinDesk research confirms that MicroStrategy is not at risk of liquidation, even if BTC falls below its cost basis.

Japanese firm Metaplanet (3350) is under pressure, holding 4,206 BTC bought at an average price of 12,925,027 yen (approx. $88,800). With BTC now 15% below that level, the company’s stock plummeted 20% on Monday alone.

Meanwhile, Semler Scientific (SMLR), which began accumulating BTC in 2024, faces similar challenges. Its average purchase price stands at $87,854, leading to mounting paper losses amid the current correction.

Year-to-date, Bitcoin is down 20%, yet the impact on corporate BTC holders varies. Semler has lost 38%, Metaplanet is down 15%, and MicroStrategy has seen a modest 2% decline. The divergence highlights the different levels of exposure and cost basis strategies among institutional investors.

As the crypto market continues to navigate volatility, these high-profile Bitcoin bets are under renewed scrutiny from shareholders and analysts alike.