In short,
The recent decline in Bitcoin's value has caused a sharp decline in the stock values of public companies exposed to this asset.
Strategy, Metaplanet, and Smarter Web Company have all reported significant losses after months of euphoria.
The value of these companies, whose business model is based on accumulating BTC, is plummeting under the weight of volatility.
Beyond price, the crisis has exposed the structural weaknesses of these companies, which often have no significant business outside of Bitcoin.
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