US pension funds that bet on Strategy find themselves nursing some heavy losses as share prices for Michael Saylor’s firm continue to slide. The 11 funds collectively hold nearly 1.8 million shares of Strategy, now worth about $240 million, down from $577 million when they first reported their allocations. That’s $337 million in paper losses so far, according to research platform Fintel. Moreover, 10 out of the 11 funds are down 60% on their Strategy stock buys. Strategy’s shares have lost 67% of their ...

Discounted Bitcoin treasuries are going to need a lot more than a 7% price rally from the world’s biggest crypto to stay above water, market watchers warn. The top crypto climbed to around $94,000 from $89,000 over the past few days. Yet treasuries’ mNAV ratios, or market-to-net-asset value — which refers to the difference between a company’s market capitalisation and their crypto holdings — is still depressed. Nearly 40% of the top 100 Bitcoin treasuries are trading below their net asset value, and th ...