Crypto Sell-off Hits Corporate Treasuries as Strategy and BitMine Stocks Slide Nearly 10%

Market Overview - The crypto market capitalization decreased by 6% in the past 24 hours, with major assets experiencing significant declines [1] - Bitcoin fell by 6.7% and Ethereum by 7.6%, reaching two-month lows during early Asian trading hours [2] MicroStrategy Performance - MicroStrategy's stock (MSTR) fell by 9.63% to close at $143.19, marking its lowest level since September 2024 [3] - The company's stock has declined nearly 70% from its peak, with CEO Saylor's Bitcoin purchases resulting in an unrealized gain of less than 11% [4] - Despite the downturn, MicroStrategy continues to accumulate Bitcoin, recently purchasing $264.1 million worth at an average price of $90,061 per coin, raising total holdings to 712,647 BTC valued at approximately $59.1 billion [5] Financial Constraints - MicroStrategy faces tighter financial constraints, with its market net asset value multiple falling below 1.0x and increasing shareholder dilution [6] BitMine Performance - BitMine's stock (BMNR) also experienced a decline, closing at $26.70, down 9.89%, the lowest since November 2025 [7] - The firm made a significant Ethereum purchase of 40,000 ETH, bringing its total holdings to approximately 4,243,338 ETH worth around $11.68 billion, which is 3.5% of the total Ethereum supply [8][9] - BitMine is currently facing an unrealized loss of about $3.8 billion, indicating the strain on crypto-heavy treasury strategies amid the market downturn [9]