Strategy Stays Afloat Thanks to BTC Bets as Metaplanet and Semler Recover from Huge Losses
Strategy Reserve Declines, Bitcoin Average Base Price Is $67,458
James Van Straten | Edited by Sheldon Rebeck Updated April 7, 2025, 2:41 PM Published April 7, 2025, 8:15 AM
Key facts:
- Bitcoin is down 32% from its January high, hurting BTC-dependent stocks like Metaplanet.
- Metaplanet is down 20% on Monday, while Semler Scientific is down 38% this year.
- Strategy retains profits from its BTC holdings with retained earnings of 10%, and its shares are down just 2% year to date.
Disclosure: The author of this article owns shares of Strategy (MSTR).
As the cryptocurrency market began to correct, just days after traditional financial markets began to react to President Donald Trump's tariffs, Bitcoin (BTC) fell to its lowest level in five months, reaching $74,500, down a third from its record set on January 20.
The decline has left Strategy (MSTR) with little profit on its Bitcoin acquisition strategy. With a total value of $35.6 billion, the company currently has a retained earnings yield of about 10%, which translates to about $3.9 billion on its BTC investment.
Strategy holds 528,185 BTC, currently worth $39.5 billion, giving it an average price of $67,458 per bitcoin. The company’s mNAV multiple — market cap divided by asset value — is just under 2, indicating the stock still trades at a premium.
According to research from CoinDesk, MSTR is not at risk of liquidation even if Bitcoin falls below its base price.
As of April 2, Metaplanet (3350) reported 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% below its Bitcoin strategy. Shares have fallen 20% on Monday alone, reflecting mounting downward pressure.
Semler Scientific (SMLR) also suffered losses on its Bitcoin holdings, with the latest data released in February showing an average purchase price of $87,854 per BTC.
Bitcoin is down 20% this year, Semler is down 38%, Metaplanet is down 15%, and Strategy is down 2%.
