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

Group 1: Market Dynamics - Investors who initially favored Bitcoin treasury stocks are now experiencing a reversal, with Bitcoin performing better than its associated stocks [1] - Bitcoin has decreased approximately 8% from a record high of over $124,000 to around $114,000 [1] - Concerns are rising as reports indicate that up to one in three Bitcoin treasuries are trading below their asset values, potentially leading to forced sales to cover debts [2] Group 2: Company Performance - Strategy, a leading corporate holder of Bitcoin, has seen its shares drop to about $323, the lowest in nearly five months, down from over $500 in July [3] - The divergence between Bitcoin prices and the stock prices of companies like Strategy raises questions about the viability of these investments [4] - Metaplanet, which aimed to raise $5.4 billion for Bitcoin acquisition, has seen its stock plummet to around $4.40, over 60% lower than its peak of nearly $12.90 in June [6][7] Group 3: Industry Trends - The trend of declining stock prices among digital asset companies is causing concern, with some firms like Sequans Communications resorting to reverse splits to avoid delisting [5] - The divergence in stock and crypto prices poses a risk to the business models of companies relying on equity sales to fund Bitcoin purchases [4]