From 2600% Gain to 86% Wipeout, Crypto’s Hottest Trade Collapsed
(Bloomberg) — What began the year as one of the best trades in the stock market has, in a matter of months, turned into one of the worst.
An array of public companies thought they had found a sort of perpetual motion machine: Use your corporate cash to buy up Bitcoin or other digital tokens and presto, your share price shot up even more than the value of the tokens you bought.
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It was a playbook invented by Michael Saylor, who transformed his company, Strategy Inc., into a publicly traded Bitcoin holding vehicle. And through the first half of 2025 it worked for more than a hundred other companies that followed Saylor’s lead.
Digital asset treasuries, as these firms became known, turned into…
