Five Major Listed Companies’ Cryptocurrency Reserve Overview
Currently, an increasing number of listed companies are actively implementing cryptocurrency asset reserve plans, especially after Trump won the U.S. election and took office in the White House. This strategy has rapidly gained traction globally, becoming a new trend in corporate asset allocation. However, with multiple factors such as fluctuations in the global economic environment, panic caused by policy uncertainty, and the concentrated exit of profit-taking, the cryptocurrency market has experienced severe volatility, leaving many listed companies in a position of paper losses.
This article by PANews reviews five listed companies that have launched cryptocurrency reserve plans, which have generally increased their investment intensity after Trump’s election victory. However, with the significant correction in the cryptocurrency market, high-position purchases have led to widespread increases in paper losses.
Among them, Strategy’s paper loss on Bitcoin holdings has exceeded $4 billion during this period, while companies like Metaplanet, Semler Scientific, and SOL Strategies have also reported paper losses exceeding tens of millions of dollars, with stock prices experiencing roller coaster-like fluctuations.
Strategy: Bitcoin Holdings with Paper Losses Exceeding $4 Billion, Stock Price Retracement Over 40%
Since Trump won the U.S. election on November 6, 2024, Strategy has purchased approximately 276,000 BTC at an average price of $94,506, with a total investment cost of $25.679 billion. Based on the current Bitcoin price of $79,581 (as of April 8), Strategy’s Bitcoin holdings are currently facing a paper loss of approximately $4.12 billion.
From this period’s purchasing strategy, it is evident that there has been a noticeable shift from aggressive expansion to cautious observation. Specifically, in November 2024, when Bitcoin prices were at a high, Strategy significantly increased its holdings by over 134,000 BTC, accounting for about 48.7% of the total increase during this period, demonstrating its aggressive market expansion attitude and strong confidence in the market’s long-term bullish outlook.
Entering 2025, as Bitcoin prices corrected, Strategy adopted a more cautious approach, significantly reducing its purchasing volume and entering a wait-and-see period.
However, recently, Strategy has shown signs of re-investing, with nearly $1.92 billion invested in the latest investment on March 31. It is worth noting that Strategy did not further increase its Bitcoin holdings last week, maintaining a certain level of cautious observation amidst unclear market conditions.
Additionally, since November 6, Strategy’s stock price had soared to $473.8 in a short period, with an increase of up to 83.77%, but has since continued to decline. As of April 8, its stock price has dropped about 43.4% from its peak during this period.
Metaplanet: Accelerating Bitcoin Reserves Still Facing Paper Losses, Stock Price Hits Multi-Year High
Since November 6, 2024, Metaplanet has purchased 3,188 BTC through 11 increases, with an average purchase price of $82,001 and a total expenditure of over $260 million. Based on the current Bitcoin price of $79,581 (as of April 8), this means Metaplanet is facing a paper loss of approximately $23.63 million on its Bitcoin holdings during this period.
Since starting to reserve Bitcoin in April 2024, Metaplanet has spent over $360 million on 4,206 BTC, indicating a significant increase in Bitcoin reserves after Trump’s election. However, using the overall average purchase price of $86,500 for Bitcoin, Metaplanet is currently still facing a paper loss of approximately $29.09 million.
From a timing perspective, after Bitcoin began to decline from its historical high in January, Metaplanet significantly accelerated its purchasing pace, conducting nine increases in less than two months, purchasing about 2,444 BTC, accounting for 58.1% of its total holdings, demonstrating its low-buying investment strategy.
Notably, this Japanese hotel development and operating company plans to increase its Bitcoin holdings to over 10,000 by 2025, aiming to rank among the top ten Bitcoin-holding companies globally. Meanwhile, during the fluctuations in Bitcoin prices, Metaplanet has recently fully repaid bonds worth 2 billion yen ($13.5 million) in advance to strengthen its financial position.
In terms of stock performance, Metaplanet’s stock price surged to 665 yen after Trump’s election, with an increase of 216.7%, reaching a new high since October 2013. However, as Bitcoin prices have dropped, its stock price has also decreased nearly 49.2% from its peak.
Semler Scientific: Significant Increase in Bitcoin Holdings at High Prices, Stock Price Gains Retraced
Since Trump’s election, Semler Scientific has significantly increased its Bitcoin holdings, accumulating 2,134 BTC, accounting for 66.8% of its current publicly held total (3,192 BTC), with a total investment cost nearing $210 million.
However, its Bitcoin purchasing strategy shows a clear characteristic of “buying at high prices”: compared to the previous average price of $69,682, the average purchase price during this period has reached $96,508. Based on the current Bitcoin price of $79,581, the company’s paper loss has exceeded $36.12 million.
In terms of stock performance, Semler Scientific’s stock price experienced a brief surge during this period, reaching a peak of $74.7 with an increase of 86.3%. However, the stock price subsequently fell back, erasing all gains and failing to maintain its previous strong performance.
SOL Strategies: Heavy Losses in High-Position Purchases Exceeding $10 Million, Stock Price Drops Over 60% After New High
SOL Strategies has accumulated an investment of $29.4 million after Trump’s election, purchasing over 128,000 SOL, accounting for 47.9% of its total holdings (267,000 SOL). However, its purchase timing has mostly concentrated at high prices. For example, on February 3, 2025, SOL Strategies announced the purchase of 40,300 BTC at a cost of $246; while on January 27, 2025, the purchase of 19,100 BTC cost as much as $365.
This high-position buying strategy has led to SOL Strategies’ average purchase price reaching approximately $235. Based on the current market price of $108, its paper loss has exceeded $16.28 million. Nonetheless, SOL Strategies has used its over 265,000 SOL for staking, effectively alleviating some losses through staking rewards.
Meanwhile, SOL Strategies’ stock price exhibited dramatic fluctuations during this period, soaring 258.8% to $6.1, setting a historical high. However, the stock price subsequently fell sharply, dropping 65.74% from its peak.
Remixpoint: Frequent Small Bitcoin Purchases, Average Price Reaches $96,000
Japanese listed company Remixpoint began incorporating cryptocurrency assets into its strategic reserves in 2024, covering BTC, ETH, SOL, and XRP, with BTC being its primary purchased asset. Since November 6 last year, Remixpoint has significantly accelerated its BTC accumulation pace, investing over $46 million to purchase 483 BTC, accounting for 78.4% of its total holdings (616 BTC). In terms of investment strategy, Remixpoint adopts a high-frequency, small-quantity purchasing method, controlling the number purchased each time to dozens of BTC, with a maximum single purchase not exceeding 56.3 BTC.
However, Remixpoint’s average purchase price for BTC is relatively high, reaching $96,807. Based on the current Bitcoin price of $79,581, the 483 BTC purchased are facing a paper loss of over $8.32 million. If estimated using an overall holding average price of about $86,000, Remixpoint’s paper loss narrows to about $3.95 million.
Despite this, Remixpoint’s stock price performance during this period has been quite impressive, soaring approximately 444% to $806, reaching a new high since October 2018. However, as of April 8, 2025, the stock price has retracted about 55.5% from its peak.
This article is a collaborative reprint from PANews.