Strategy Treads Water on BTC Bet, While Metaplanet, Semler Reel from Heavy Losses

Disclosure: The author of this story owns shares in Strategy (MSTR).

As the crypto market's correction kicks off, days after traditional financial markets started reacting to President Donald Trump's tariffs, bitcoin ($BTC) slumped to its lowest level in five months, dropping to as low as $74,500 and marking a full one-third drop from the record high it hit Jan. 20.

This slide has left Strategy (MSTR) marginally in the green on its bitcoin acquisition strategy. At a total cost of $35.6 billion, the company currently holds an unrealized profit of about 10%, or roughly $3.9 billion on its $BTC investment.

Strategy owns 528,185 $BTC, now valued at $39.5 billion, giving it an average cost basis of $67,458 per bitcoin. The company’s mNAV multiple — market cap divided by the value of the holdings — sits just under 2, indicating the stock still trades at a premium.
According to CoinDesk research, MSTR faces no liquidation risk even if bitcoin falls below its cost basis.

As of April 2, Metaplanet (3350) disclosed bitcoin holdings of 4,206 $BTC purchased at an average price of 12,925,027 yen ($88,800) per coin. That puts the Japanese company about 15% underwater on its bitcoin strategy. The stock dropped 20% on Monday alone, reflecting mounting pressure from the downturn.

Semler Scientific (SMLR) has also seen losses on its bitcoin holdings, with an average acquisition cost of $87,854 per $BTC, according to the most recent filing in February.

With bitcoin down 20% this year, Semler has lost 38%, Metaplanet 15% and Strategy 2%.