bitcoin-cryptocurrency-blockchain-down.jpg

Crypto Treasury Firms Eye ‘Fire Sale’ As Market Drops

Crypto News

Companies that once hoarded cryptocurrency have reportedly begun unloading their holdings amid a market rout.

That’s according to a report Wednesday (Nov. 26) by the Financial Times (FT), which says this $1 trillion downturn has caused shares in Strategy, the world’s largest corporate bitcoin holder, to fall 50% in the last three months.

That in turn has dragged down other companies, wiping out $77 billion. That’s after a peak of $176 billion in July, the FT added, citing crypto industry data publication The Block.

With Strategy now worth less than the bitcoin it holds, the report added, investors are concerned that a business model that centered on a virtuous circle of increasing crypto prices and widescale share and debt…

Source link

Tags:
Facebook Google+ Twitter Pinterest

Related Posts