Michael Saylor looks blue (Dominic Gwinn/Getty Images)

Companies kept adding bitcoin to their piles, but now investors are starting to get worried

CEO Michael Saylor has grown Strategy’s pile to nearly half a million bitcoin and the stock is falling with most of the asset class.

Yaël Bizouati-Kennedy

3/7/25 12:32PM

It’s been quite a week for bitcoin, with President Trump’s executive order establishing a strategic bitcoin national reserve late last night, though it failed to boost the price of the coin, which has dropped to $86,000 as of 12:15 p.m. ET today.

The details of the order specified only that the government would fund the reserve with previously seized cryptocurrencies, which seems to have hurt the overall cryptocurrency market as well as sentiment around Strategy, which is down more than 6% today.

CEO Michael Saylor will be at today’s inaugural White House Crypto Summit and spoke on Fox Business about his ideas for how the reserve should be built, which included the US adding bitcoin slowly and strategically.

Despite the executive order saying any bitcoin purchased will be done only through “budget-neutral strategies,” public companies around the globe are still steadily buying and stashing bitcoin.

This week, Japanese company Metaplanet added 156 bitcoin for $13.4 million. “As of 3/3/2025, we hold 2391 $BTC acquired for ~$196.3 million at ~82,100 per bitcoin,” CEO Simon Gerovich posted on X.

In Brazil, fintech company Méliuz said its board of directors has approved allocating 10% of the company’s cash reserves in bitcoin.

“The Company has made its first Bitcoin purchases, acquiring 45.72 Bitcoin for approximately $4.1 million at an average price of $90,296.11 per Bitcoin,” CEO Israel Salmen posted on X.

Meanwhile, stateside, publicly traded bitcoin platform Fold added 475 bitcoin to its reserve today — a 50% increase in the company’s bitcoin holdings, which now total 1,485 bitcoin, according to the release.

Sage D. Young12h

New bitcoin AfterDark ETF will be bitcoin at night, Treasurys by day

Tidal Trust II submitted form N-1A with the SEC to register a bitcoin ETF designed to systemically capture the cryptocurrency’s overnight return profile, a time window that delivered a significant portion of bitcoin’s upside last year.

The Nicholas Bitcoin and Treasuries AfterDark ETF provides long bitcoin exposure during US overnight hours, from the closing bell until the following morning’s market open, when the fund intends to unwind its positions, according to a document filed with the SEC on Tuesday.

To gain that exposure, the ETF may use a number of methods, including bitcoin futures contracts, US-listed ETFs, or exchange-traded options on such bitcoin underlying funds. When the market is open and daytime trading is active, the fund’s portfolio will consist of US Treasury securities and other cash equivalents.

In 2024, most of bitcoin’s gains occurred after-hours, senior Bloomberg ETF analyst Eric Balchunas reported:

We looked at this last year and found most of the gains are in fact after hours. Doesn't mean the ETFs aren't having impact. Some of this is positioning bc of the ETFs etc or derivatives based on flows etc etc. But yeah, bitcoin After Dark ETF could put up better reutrns, we'll… pic.twitter.com/BTpV51cQfl
— Eric Balchunas (@EricBalchunas) December 9, 2025

The AfterDark ETF filing comes as bitcoin crossed $94,000 on Tuesday, rising 4.5% in the last 24 hours. Even though spot bitcoin ETFs saw nearly $60.5 million in outflows on Monday, the investment vehicles have a cumulative net inflow of $57.6 billion, per SoSoValue.

Yaël Bizouati-Kennedy

12/8/25

Bitcoin will “snapback or chop ahead of the Fed” decision

Traders on prediction markets are divided, giving an equal chance that bitcoin drops below $80,000 or rises above $100,000 this year.

Yaël Bizouati-Kennedy

12/2/25

Legendary short seller James Chanos on the problem with Strategy’s business model

The noise has grown louder about Strategy being in trouble, but most experts think Strategy can weather the current bitcoin downturn, though one critic predicts this is “the beginning of the end.”