Metaplanet, Strategy and Other Bitcoin Treasuries in Trouble as BTC Hits 5-Month Low

• Crypto and stock markets have responded bearishly to Trump’s tariff plans.
• Bitcoin briefly dipped below $75,000 for the first time since November 2024.
• Strategy (MSTR) stock has fallen 6.77% in the past 5 days; Metaplanet is down 26.28%.

Private companies with Bitcoin (BTC) on their balance books have taken a sizeable hit as crypto takes a tumble in response to U.S. President Donald Trump’s tariff war.

With BTC now battling to stay above $75,000, it’s a troubling time for firms that sought to follow in the footsteps of Strategy, Metaplanet, and others who have adopted Bitcoin as a treasury reserve asset.

As the first-ever pro-crypto U.S. president, Trump sent BTC markets to all-time highs (ATH) following his election victory.

However, his controversial economic and trade policies have driven markets downwards.

Bitcoin Treasuries Down

Strategy

Strategy (formerly MicroStrategy) was the first publicly traded company to adopt BTC as its primary treasury reserve asset in 2020. In August that year, it announced the purchase of 21,454 BTC for $250 million

It followed this up with years of aggressive BTC investments, and with 528,185 BTC currently worth over $40.88 billion. As per data from saylortracker.com , it currently has an unrealized profit of $5.23 billion.

Strategy is the wealthiest BTC entity on Earth. However, the firm recently made gigantic purchases whilst BTC’s price was flying high.  In short, every investment since Nov. 18 is now at a loss. Across 15 separate buys amounting to 2545,407 BTC costing $23.06 billion.

At BTC’s current price of $77,292, these purchases are running at a floating loss of approximately $4.1 billion.

That’s a difficult spot for the leading firm to find itself in, as it not only pioneered the Bitcoin-first motive taking hold of companies and governments around the world, but also the biggest holder of BTC.

Metaplanet

Dubbed as Japan’s equivalent to Strategy, Metaplanet became a Bitcoin-first company in 2024 and embarked on an aggressive BTC buying spree, which has seen it amass 4,206 BTC.

Worth $330.72 million at an average cost of $85,483 per BTC, the firm’s holdings are officially in the red and are now running at a loss of 8.10% .

Having entered the race four years after Strategy, Metaplanet has been playing catch-up, though its recent flurry of buys may have been overly ambitious.

Semler Scientific

Medical research and technology firm Semler Scientific currently holds 3,192 BTC worth $252.67 million.

The firm adopted Bitcoin in May 2024, and has since made 11 separate purchases. Averaging $87,850 per token, the firm’s holdings are at a loss of roughly 9.8%.

Mining Firms

Marathon Digital

Bitcoin mining firm Marathon Digital Holdings currently holds 47,600 BTC valued at $3.67 billion.

As it’s a mining firm, part of its profits and losses will be based on the average cost to mine BTC in 2024, which was roughly $55,000 , as there is no publicly available information confirming the firm’s actual cost.

That year, the firm mined 9,457 BTC, which is now worth a tidy profit of $210.81 million

However, also 2024, the firm acquired 22,065 BTC for an average of $87,205 per BTC, totaling $1.92 billion. Now worth $1.7 billion, its holdings have taken a $220 million loss amid the recent downturn.

Riot Platforms

Riot is another mining firm that currently commands 19,223 BTC worth $1.5 billion.

It purchased a sizeable 5,784 BTC in December 2024, which cost the firm $579 million, or $100,001 per BTC on average. This investment has been down $170.8 million so far.

It mined 4,828 BTC throughout 2024 for an average of $32,216 per BTC, costing the firm $156.18 million, though that has more than doubled as BTC is trading at $77,292, which just about covers the losses on its December investment.