Crypto hoarders dump tokens as shares tumble
Several companies are selling crypto stockpiles in effort to fund share buybacks, shore up stock prices.
Crypto-hoarding companies are ditching their holdings in a bid to prop up their sinking share prices, as the craze for “digital asset treasury” businesses unravels in the face of a $1 trillion cryptocurrency rout.
Shares in Michael Saylor-led Strategy, the world’s biggest corporate bitcoin holder, have tumbled 50 percent over the past three months, dragging down scores of copycat companies.
About $77 billion has been wiped from the stock market value of these companies, which raise debt and equity to fund purchases of crypto, since their peak of $176 billion in July, according to industry data publication The Block.
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