Throughout 2024, many companies bought bitcoin as a reserve asset, adding it to the corporate balance sheet, which coincided with a double-digit increase in the share prices of many of these organizations. However, with the fall of the stock and cryptocurrency markets in 2025, shares of companies owning bitcoin experienced additional pressure on prices.

The price of bitcoin reached a historic high at the end of last January, at almost $110,000, after which the quotes entered a corrective movement.

According to Binance on April 7, the price of bitcoin reached $74.5 thousand, which is the lowest since the beginning of November and minus 30% in price from the peak.

The drop from the local highs of the main stock indexes tracking the prices of the largest American stocks, the S&P 500 and NASDAQ 100 also exceeded double digits.

Both indexes peaked in February 2025, and, according to TradingView, price losses were 17.5% and 22%, respectively.

The largest corporate bitcoin holder, Strategy (MSTR), as of March 30, holds 528,185 bitcoins (about 2.52% of the current issue), for which it has spent about $33.63 billion since 2020 at an average purchase price of $67,458 per 1 BTC. According to prices on April 7, current bitcoin reserves could bring about 13% profit relative to the average purchase price.

Although since the first purchases, the price of MSTR has increased by hundreds of percent to a peak in November 2024 at about $543, as of April 7, 2025, the quotes dropped to $293, which was a drop of 46% from the historical peak, as well as 27% from the peak of 2025.

The founder of the company, Michael Saylor, created a strategy that allows Strategy (formerly MicroStrategy) to constantly increase its position in bitcoin without having to sell assets.

According to a Coinmetrics study, since the adoption of the bitcoin strategy in 2020, MSTR shares have become correlated with bitcoin quotes, often reacting 1.5-2 times more strongly to BTC price movements:

"The cornerstone of its strategy is to raise funds to buy bitcoin by issuing convertible bonds."

Company issues fixed income debt securities for holders or the possibility of exchanging for shares in the future, when the MSTR price reaches a certain level. These bonds are attractive to investors because of their potential to be converted in the future at a higher price than the issue price.

When the price of bitcoin dropped below $80,000 for the first time in 2025 at the end of February, Saylor stated that "if you need to sell something, then sell the kidney, and keep the bitcoin."

Against the background of the double-digit drop in the price of bitcoin over the past few days, he left a comment that "1 BTC = 1 BTC." This expression is usually used in situations where bitcoin is trading significantly below expectations, implying that it is not important to evaluate bitcoin against the dollar at the moment.

Reacting to Saylor's comment, financial analyst and longtime bitcoin critic Peter Schiff addressed him with sarcastic advice to "bring a truck of borrowed money" to prevent the exchange rate from falling below the average purchase price for the company.

"If you don't want to allow a collapse below your average [price] of $68,000, you'd better pick up a truck of borrowed money today and go all in," Saylor wrote on X.

In addition, Strategy switched to a new principle of accounting for bitcoins on the balance sheet: previously, a model was used in which only losses were recorded when the price fell, and growth was not taken into account. The company now displays both gains and losses from the BTC revaluation as of the reporting date.

Earlier, Tesla started using a similar approach. Thus, according to the latest report, the company recorded an unrealized loss of $5.91 billion from the revaluation of bitcoins for the first quarter of 2025.

In addition to Strategy, those who bought bitcoin in 2024 and 2025 included:

• the largest American mining company MARA (MARA) with reserves of 47.6 thousand BTC,
• Japanese investment company Metal planet with a balance of 2.3 thousand BTC,
• Semler Scientific, a technology organization from the healthcare sector with 1.1 thousand BTC.

In 2025, shares of miner MARA have fallen by about 46% from this year's peak and by about67% from last year's peak, to $11.3, according to TradingView on April 7.

Metalplanet shares have fallen 58% from their peak in February 2025, to ¥303.

Semler Scientific's stock prices have fallen by almost 60% from their peak in December 2024, to $33.85.

Unlike Strategy, Metaplanet, MARA and Semler Scientific companies have an average purchase price of bitcoins on their balance sheet much higher than the current one. For example, according to Bitcointreasuries, it is about $85.5 thousand for Metaplanet, and $87.9 thousand for Semler Scientific.

The average purchase price of bitcoin at MARA is about $93.3 thousand, as indicated in the press release. Although it is additionally engaged in bitcoin mining and bitcoin lending, the purchase price suggests that the unrealized loss of the organization was about 18%.