Crypto-hoarding firms are dumping their holdings, as share prices crash amid a $1 trillion rout on the markets. The firms are companies that hold significant cryptocurrency reserves as part of their corporate treasury management.
Investors initially rushed to pour their money into the companies, sparking a huge surge in equity prices and bitcoin values. However, the mania for “digital asset treasury” businesses has started to unravel at an alarming rate. Strategy – the world’s biggest corporate bitcoin holder led by Michael Saylor – has seen its shares fall by 50% over the last three months.
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