Strategy and Metaplanet stocks sink to multi-month lows as Bitcoin outperforms the treasury play

Investors who piled into Bitcoin treasury stocks earlier this year to beat the crypto itself are now finding the trade has flipped, with Bitcoin holding up better than its proxies. This is especially true for the two top proponents, Strategy and Tokyo-listed Metaplanet, whose shares have sunk to multi-month lows this week. The discrepancy isn’t due to a booming Bitcoin revival either. The top crypto has slipped about 8% from a record above $124,000 last month to roughly $114,000 today. “I’ve been trying ...