Bitcoin Finally Sees a Real Halving as Warnings of Domino Bankruptcies if It Falls Below 60,000 Dollars
Bitcoin Finally Sees a Real Halving as Warnings of Domino Bankruptcies if It Falls Below 60,000 Dollars
The unprecedented plunge in the cryptocurrency market, led by Bitcoin (BTC), has continued, pushing publicly listed companies that allocated a significant portion of their corporate assets to Bitcoin into management crises as they record valuation losses amounting to trillions of won.
According to cryptocurrency news outlet Cointelegraph on February 6 (local time), Bitcoin’s price has fallen to around $65,000—roughly half of its all-time high of $125,000 recorded last October—severely damaging corporate balance sheets. In particular, all gains made after the election of U.S. President Donald Trump, who was perceived as crypto-friendly, have been erased, accelerating the withdrawal of institutional investors. Experts note that concerns over a bubble in AI-related stocks and uncertainty surrounding potential interest rate cuts by the Federal Reserve are fueling risk-off sentiment, dragging down the share prices of crypto-linked companies.
The hardest hit by far is Strategy, the world’s largest corporate holder of Bitcoin. Led by Chairman Michael Saylor, the company currently holds approximately 713,502 BTC, but with an average purchase price of $76,052, it is sitting on massive unrealized losses. Strategy’s stock, which once traded above $457, plunged to around $106 after Bitcoin fell below its average acquisition cost, facing intense selling pressure from investors. The company has entered emergency management mode, cutting earnings guidance and securing reserves to maintain dividend payments.
Other publicly listed firms providing crypto mining and trading infrastructure have also fallen into a synchronized downturn. Shares of cryptocurrency exchange Coinbase have plunged 41.1% over the past three months, while mining firms Riot Platforms and CleanSpark have seen declines of 25.3% and 32.0%, respectively. Analysts say the drop in Bitcoin’s price is not merely reducing asset values but is also eroding mining profitability and trading volumes, fundamentally threatening business models across the entire crypto ecosystem.
Global corporate buying of cryptocurrencies has also contracted sharply. Data analysis shows that as of early February, Bitcoin purchases by publicly listed companies worldwide fell 57.6% week over week to just $123 million. Meanwhile, billions of dollars are exiting institutional exchange-traded funds each month, and companies holding Ethereum (ETH) and XRP are experiencing share price corrections of more than 9% and 15%, respectively. The Fear and Greed Index, a gauge of investor sentiment, has plunged to an extreme fear level of 9, underscoring the market’s dominant fear of further declines.
The cryptocurrency market now appears to have entered a final capitulation phase, marked by panic selling from short-term holders and stop-loss liquidation by institutions. While some financial institutions, including JPMorgan, continue to argue that Bitcoin’s long-term value proposition remains more attractive than gold, this has proven insufficient to stem the immediate deterioration in corporate earnings and collapsing stock prices. Investors, witnessing how corporate Bitcoin-holding strategies have turned from potential catalysts for asset growth into boomerangs threatening corporate survival, are increasingly adopting more conservative asset allocation strategies.
*Disclaimer: This article is for investment reference only, and no responsibility is accepted for any investment losses incurred based on it. The content should be interpreted solely for informational purposes.*
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