Bitcoin buyers plunge as investors' crypto euphoria fades

Group 1 - Companies accumulating bitcoin and other cryptocurrencies have experienced significant declines in share prices as the initial crypto enthusiasm wanes [1][2] - Shares of Michael Taylor's Strategy fell from $457 in July to $328, marking a 28.3% decrease and reducing its year-to-date gains to 13% [2] - Japanese bitcoin treasury company Metaplanet's shares are down over 60% from their June peak but remain 105% up for the year [2] Group 2 - Smaller companies that shifted strategies to include bitcoin buying have also seen their stock prices drop significantly [3] - The volatility of these stocks is highlighted by their tendency to decline at a multiple of bitcoin's price changes, with some stocks dropping four to five times as much [3] - Smarter Web Company’s shares have decreased by 70% since June after initially rising due to a bitcoin-buying strategy announcement [4] Group 3 - The trend of bitcoin-hoarding has extended to other cryptocurrencies, with companies also purchasing ether and lesser-known digital currencies [5] - Companies like BitMine and GameSquare saw their shares rise significantly after announcing plans to buy ether, but both have since declined by about 67% since July [5] - Analysts suggest that retail investors may not fully understand that these companies are selling a crypto narrative rather than genuinely investing in cryptocurrencies [5]