MSTR Treading Water on BTC Bet, While Metaplanet, SMLR 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%.