Bitcoin buyers plunge as investors’ crypto euphoria fades
By Tommy Reggiori Wilkes and Elizabeth Howcroft
LONDON/PARIS (Reuters) -Companies that accumulate and hoard bitcoin and other cryptocurrencies have suffered sharp drops in their share prices as the crypto euphoria that has gripped investors recedes.
These companies sell shares or issue debt to raise cash for buying crypto held on their balance sheets. Investors have been snapping up their listed shares, encouraged by bitcoin’s record highs this year as U.S. President Donald Trump embraces the sector.
Shares in Michael Taylor’s Strategy, the best known of these bitcoin buyers, have fallen from $457 in July to $328 this week. That is the lowest since April and cuts its gains this year to 13%.
Japanese bitcoin treasury…
