Bitcoin pullback 32% "Are the companies buying BTC as reserves still alive?" Future concerns of the MicroStrategy imitation trend

Bitcoin has pulled back 32% this year, what happened to those companies that have increased their Bitcoin reserves? How will micro-strategy imitation strategies affect in the future? (Synopsis: Micro Strategy added another $580 million to "buy nearly 7,000 BTC" and exceeded 500,000 BTC, and Strategy jumped 10%) (Background supplement: GameStop learns Micro Strategy to buy Bitcoin!) 1.3 billion magnesium convertible bonds will be issued, and the stock price will scare down 22%) The cryptocurrency market has made waves recently, with the price of Bitcoin (BTC) falling sharply, falling more than 30% from its high in January this year, and recently hitting the level of about $74,500, the lowest point in the past five months, creating a severe stress test for public companies that see bitcoin as an important asset and even a core strategy. For example, Japan's Metaplanet Inc. and the United States' Semler Scientific Inc. have plunged. Metaplanet plunged 20% on a single trading day (Monday), while Semler Scientific shares have fallen 38% so far this year. In contrast, MicroStrategy (MSTR), the earliest and largest corporate pioneer who holds bitcoin in large quantities, has also been affected, but its share price has only edged down 2% year-to-date, showing relative resilience. MicroStrategy: Early Low Cost Advantage MicroStrategy's Bitcoin strategy remains resilient, with its share price remaining high compared to last year, with MicroStrategy holding a total of 528,185 BTC and a total value of about $39.5 billion at a recent price of about $74,500. Despite the retreat from its highs, MicroStrategy's average acquisition cost is relatively low at around $67,458 per coin, with a total input cost of about $35.6 billion. This means that today the company still maintains about 10% of its unrealized profits on its bitcoin investments, amounting to nearly $3.9 billion. This can be attributed to an early and sustained Bitcoin buying strategy. Market analysis also pointed out that MicroStrategy's stock trading price is at a premium to the net asset value (mNAV) of its Bitcoin holdings, with a mNAV multiple of just under 2, indicating that investors not only value their Bitcoin assets, but also give additional value to their core software business or the long-term vision of founder Michael Saylor. According to past CoinDesk research, even if the price of bitcoin falls below MicroStrategy's average cost line, the risk of forced liquidation in the short term is extremely low, because its own business still has a profitable attack, and early layout and strict cost control are the key to maintaining profits and resisting market downside risks. The Latecomer Challenge: Metaplanet and Semler Scientific Metaplanet is more serious than MicroStrategy, and other companies that are late to follow the bitcoin investment strategy face a more serious situation, Japanese investment firm Metaplanet Inc. is one of the recent companies to actively follow MicroStrategy's strategy, the company disclosed that it holds 4,206 bitcoins. But the average acquisition cost is as high as $88,800 per coin. By the time the Bitcoin price fell to the $74,500 level, Metaplanet's Bitcoin investment had fallen into an unrealized loss (book loss) of about 15%. This is directly reflected in the performance of its share price, and the recent sharp decline shows that the market is concerned about its high-cost strategy. Semler Scientific Inc., formerly a medical technology company, has also aggressively pursued micro-strategy acquisitions after announcing bitcoin as its main reserve asset, and its average acquisition cost of bitcoin is about $87,854 per coin, which is also much higher than the current market price. With bitcoin prices down about 20% this year, Semler Scientific's stock price has plummeted 38%, far outpacing MicroStrategy's decline. The cases of these two companies highlight the "laggard-behind disadvantage". They enter the market when the price of bitcoin is relatively high, lack the cost averaging of MicroStrategy, and therefore their balance sheets and stock prices are more vulnerable to shocks when the market pulls back. It is also a warning that other companies considering the inclusion of bitcoin in corporate assets must carefully evaluate the timing of their entry and be fully prepared for potential price fluctuations. Bitcoin strategy double-edged: forced long-term holding, short-term effect is not as good as medium-term loss Overall, the strategy of companies to include bitcoin on their balance sheets is undoubtedly a double-edged edge, and its appeal lies in the fact that bitcoin is seen as a potential inflation hedge, and its potential return rate higher than that of traditional assets, which also allows the company to attract some imaginary gains in the future business in the short term. On the other hand, its inherent high volatility also brings great risks, and the sharp fluctuations in the price of bitcoin will directly affect the company's financial statements, resulting in large swings in quarterly profits and losses, increasing the complexity of financial report interpretation, and this strategy may also cause doubts among some traditional investors and regulators, affecting the company's valuation stability. In the future, this recent wave of corrections may scare off more potential corporate adopters, and powerful companies will see it as another opportunity to buy on the dip, but in the case of trade-offs, it will only make the gap between them wider, so small companies may need a lot of psychological preparation to adopt micro-strategy tactics. The persistent NAV premium in MicroStrategy shares shows that there are still some investors in the market who are willing to pay extra for this bitcoin exposure, but the plight of latecomer imitators Metaplanet and Semler Scientific is also a reminder to business operators that bitcoin reserve strategy execution may be more expensive than expected. At present, there are still not enough cases of implementing Bitcoin reserves, so the inferior imitators of Multi-Visual MicroStrategy must take into account that many companies do not have the same market strength as MicroStrategy, including the profitability of the business, the financing ability of the primary and secondary markets, and the integrated development of the Bitcoin ecosystem. Will these latecomers, such as Metaplanet and Semler Scientific, survive this period of Trump's black swan and continue to survive until market profits face market crash losses, and do companies retain resources to hold "diamond hands" for a long time? Or is it overwhelmed by market and shareholder pressure and sell at a loss? Or leave more financial options, and continue to increase the size from the low level with silver bullet financing to reduce the average cost, which will become a classic case of Bitcoin reserves in the commercial market. 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