Bitcoin’s plunge is crushing Strategy, a company built entirely on holding crypto — now hemorrhaging $8 billion in losses as its average buy price of $75,482 far outpaces today’s $62,700 market value. With no new Bitcoin purchases in five weeks and investors fleeing during downturns, the model’s viability is in serious doubt — especially as new ETFs let people access Bitcoin directly, making Strategy’s middleman role obsolete.
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