Corporate Bitcoin Strategies Face Challenges
The third quarter has been tough for companies emulating Michael Saylor’s Strategy. Their stock prices are falling, dipping below the value of their crypto holdings. Some digital asset treasuries (DATs) are buying back their shares, hoping to boost prices. FT reporter Nikou Asgari warns this could signal an impending collapse.
Seven small companies, including Semler Scientific and ETHZilla, are struggling. Five have market caps below their Bitcoin holdings. After announcing their crypto pivots, their stocks initially surged but then declined. Now, they’re borrowing up to $250 million to repurchase shares.
These companies need their stock prices to exceed their crypto assets to
