Bitcoin Holding Companies Collapse: Retail Investors Lose $17 B as Metaplanet and Strategy Stocks Plummet

Bloomberg‑backed research reveals that retail investor losses have risen to roughly $17 billion through indirect Bitcoin exposure via holding companies such as Metaplanet and Michael Saylor’s Strategy. The decay follows a period where these firms sold stock at a sizeable equity premium that eclipsed the true value of their crypto assets.

These valuations now collapsed; stock prices sit at roughly 1.4 × the underlying Bitcoin holdings, a steep drop from the 3–4 × premium that once justified the hype. The net asset value illusion has cost shareholders nearly $5 billion in market‑cap erosion while furnishing the firms with roughly $2.3 billion of Bitcoin.

Going forward, Bitcoin holding companies must abandon the inflated‑NAV model and pivot toward arbitrage‑driven asset‑management strategies that hinge on spread exploitation rather than price inflation. Although this shift may suppress upside volatility, firms that successfully adopt disciplined adjustments will likely preserve profitability in a post‑magic Bitcoin landscape.