Crypto hoarders dump tokens as shares tumble
by Nikou Asgari in London and Jill R Shah in New York from Ars Technica - All content on (#71RFH)
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 trillioncryptocurrency 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 billionhas 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 billionin July, according to industry data publication The Block.