Crypto
crypto
Yaël Bizouati-Kennedy
3/10/25

Strategy sinks as bitcoin plunges — the announcement it’s buying more bitcoin is not helping matters

Monday morning, Michael Saylor’s Strategy — the largest corporate bitcoin holder — was down a whopping 9% at market open, and is down more than 11% as of 11:55 a.m. ET as bitcoin struggles as well. The company is down about 15% year to date. The overall crypto market is taking a beating after Friday’s Crypto Summit disappointed investors. CoinMarketCap’s “fear and greed” index is at 17, reflecting “extreme fear.”

This morning, Strategy announced it would issue up to $21 billion of “perpetual strike preferred stock” to buy more bitcoin and “for working capital,” according to a press release.

Strategy has long been on a bitcoin buying spree, now holding 499,096 bitcoin. This places the company way ahead of the second-largest bitcoin holder, Mara Holdings, which holds 45,659 bitcoin in its reserve. 

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