Inventory of 5 Listed Companies Launching Cryptocurrency Reserve Programs
These companies have generally increased their investments following Trump’s election victory. However, with the significant pullback in the cryptocurrency market, the high prices at which they bought in have led to exacerbated floating losses. Among them, Strategy’s floating loss on Bitcoin holdings has exceeded $4 billion, while companies like Metaplanet, Semler Scientific, and SOL Strategies have also reported floating losses exceeding $10 million, with stock prices experiencing rollercoaster-like fluctuations.
Background Summary
Ever since the U.S. presidential election victory of Trump on November 6, 2024, the number of listed companies actively promoting cryptocurrency asset reserve programs has been on the rise. This strategy has rapidly gained momentum globally, becoming a new trend in corporate asset allocation. However, the cryptocurrency market has experienced severe fluctuations due to multiple factors, including the volatility of the global economic environment, panic triggered by policy uncertainties, and concentrated profit-taking, leading many listed companies to face substantial floating losses.
Strategy: Bitcoin Holdings Show Floating Losses Exceeding $4 Billion
Since Trump’s election victory on November 6, 2024, Strategy has purchased approximately 276,000 BTC at an average price of $94,506, with a total investment cost reaching $25.679 billion. Based on the current Bitcoin price of $79,581 as of April 8, Strategy’s Bitcoin holdings are currently showing a floating loss of approximately $4.12 billion.
From the purchasing strategy of Strategy during this period, a clear shift from aggressive expansion to cautious observation can be observed. Specifically, in November 2024, when Bitcoin prices were at a high level, Strategy aggressively increased its holdings by over 134,000 BTC, accounting for about 48.7% of the total increase during that period, reflecting its aggressive market expansion attitude and strong confidence in long-term market bullishness. Entering 2025, as Bitcoin prices retreated, Strategy adopted a more cautious approach, significantly reducing its purchase volume and entering a wait-and-see period. However, recently, Strategy showed signs of re-investment, having invested nearly $1.92 billion in its latest investment on March 31. Notably, Strategy did not further increase its Bitcoin holdings last week and has maintained a certain wait-and-see attitude amid unclear market conditions.
Additionally, since November 6, Strategy’s stock price briefly soared to $473.8, with an increase of 83.77%, but has since continuously declined. As of April 8, its stock price has fallen by approximately 43.4% from its peak during this period.
Metaplanet: Accelerating Bitcoin Reserves Still Facing Floating Losses
Since November 6, 2024, Metaplanet has purchased 3,188 BTC through 11 increases, with an average purchase price of $82,001, amounting to a total expenditure of over $260 million. Based on the current Bitcoin price of $79,581 as of April 8, this indicates that Metaplanet’s Bitcoin holdings currently show a floating loss of about $23.63 million. Since starting to reserve Bitcoin in April 2024, Metaplanet has cumulatively spent over $360 million to purchase 4,206 BTC, indicating a significant increase in Bitcoin reserves following Trump’s election. However, based on the overall average purchase price of Bitcoin at $86,500, Metaplanet’s current floating loss amounts to approximately $29.09 million.
From a timeline perspective, after Bitcoin started to decline from its historical peak in January, Metaplanet notably accelerated its accumulation pace, conducting 9 increases within less than 2 months, purchasing a total of about 2,444 BTC, accounting for 58.1% of its total holdings, indicating its low-price 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 companies globally holding Bitcoin. Meanwhile, during the fluctuations in Bitcoin prices, to strengthen its financial condition, Metaplanet has recently fully repaid bonds worth 2 billion yen (approximately $13.5 million) in advance.
In terms of stock performance, Metaplanet’s stock price rose to 665 yen following Trump’s election, increasing by 216.7% and reaching the highest level since October 2013. However, with the decline in Bitcoin prices, its stock price has also dropped nearly 49.2% from its peak.
Semler Scientific: Aggressive Bitcoin Accumulation at High Prices
Since Trump’s election, Semler Scientific has significantly increased its Bitcoin holdings, cumulatively accumulating 2,134 BTC, accounting for 66.8% of its current public holdings (3,192 BTC), with a total investment cost approaching $210 million. However, its Bitcoin purchase 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 was as high as $96,508. Based on the current Bitcoin price of $79,581, the company’s floating loss has exceeded $36.12 million.
From the stock performance perspective, Semler Scientific’s stock price experienced a brief surge during this period, reaching a high of $74.7, with an increase of up to 86.3%. However, the subsequent stock price retreated, erasing all gains and failing to maintain its previous strong performance.
SOL Strategies: Significant Floating Losses After High-Level Accumulation
SOL Strategies invested a total 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 was mainly concentrated at high prices. For instance, on February 3, 2025, SOL Strategies announced the purchase of 40,300 Bitcoin at a cost of $246; on January 27, 2025, it purchased 19,100 Bitcoin at a cost of $365. This high-price buying strategy has led to an average purchase price of approximately $235. Based on the current market price of $108, its floating loss has exceeded $16.28 million. Nevertheless, SOL Strategies has utilized over 265,000 SOL for staking, effectively alleviating some losses through staking rewards.
Simultaneously, SOL Strategies’ stock price exhibited extreme fluctuations during this period, soaring by 258.8% to $6.1, reaching a historical high. However, the stock price subsequently fell sharply, declining by 65.74% from its peak.
Remixpoint: High-Frequency, Small-Amount Bitcoin Purchases at High Average Prices
Japanese listed company Remixpoint began including crypto assets in its strategic reserves in 2024, covering BTC, ETH, SOL, and XRP, with BTC as its primary purchase asset. Since November 6 last year, Remixpoint has significantly accelerated its BTC accumulation pace, cumulatively investing over $46 million to purchase 483 BTC, accounting for 78.4% of its total holdings (616 BTC). From the investment strategy perspective, Remixpoint has adopted a high-frequency, small-amount purchasing method, controlling the number of BTC purchased each time to several dozen, 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, its purchased 483 BTC show a floating loss exceeding $8.32 million. If estimated based on an overall holding average price of approximately $86,000, Remixpoint’s floating loss narrows to about $3.95 million.
Nevertheless, Remixpoint’s stock performance during this period has been quite impressive, surging by approximately 444% to reach $806, a new high since October 2018. However, as of April 8, 2025, the stock price has retreated by about 55.5% from its peak.
