Bitcoin slid below $60,000 for the first time since 2024 on Friday, dragging Ethereum to roughly $1,550 and deepening the wounds for a long list of corporate treasuries that piled into crypto in recent years. The 20% weekly retrace hit balance sheets hard: Strategy (formerly MicroStrategy) and Bitmine now carry combined unrealized losses of about $23 billion, according to publicly disclosed holdings. Only Hyperliquid Strategies — whose PURR token shed just 1.2% to $8.30 — stayed in positive territory.
Why bitcoin's weekly chart turned red
Bitcoin's drop below the psychologically important $60,000 mark came after a brutal seven-day stretch. The 20% weekly candlestick is the steepest decline this year, and it erased all gains made since early May. Ether wasn't spared, either, sliding to $1,550. The selling pressure hit nearly every corner of the market: Hyperliquid's HYPE token fell 14% to roughly $57, and the broader altcoin complex bled even more.
The corporate carnage
Strategy's stash is now underwater to the tune of $12.8 billion. Its stock (MSTR) cratered 14% in a single day, trading around $115 per share. Bitmine fared no better: a 12% daily slide put BMNR at about $15.76, with unrealized losses of $10.3 billion. SharpLink, which bet heavily on ether, showed $1.59 billion in paper losses on its ETH position. Metaplanet lost $1.38 billion on its bitcoin holdings.
Those numbers aren't just theoretical. With leverage still embedded in many corporate strategies — through loans, convertible bonds, or derivatives — a sustained move lower could force margin adjustments. Neither company has disclosed any immediate margin calls, but the pressure is mounting.
One treasury that still prints green
Hyperliquid Strategies is the outlier. Its PURR token, which represents a claim on the firm's digital asset treasury, retraced only 1.2% to $8.30, leaving it with roughly $1.2 billion in unrealized gains. The firm is the only major digital asset treasury company still in positive territory. Whether that's due to different hedging, a lower cost basis, or simply a smaller exposure compared to the giants isn't clear from public filings — but the market is watching it closely as a bellwether for how resilient a well-structured treasury can be.
The immediate question is whether bitcoin can hold above $58,000 — a level that, if broken, would trigger further stops and likely deepen the losses for MSTR, BMNR, and the rest. Corporate treasurers who loaded up on leverage may face tough choices before the next earnings season. For now, all eyes are on Friday's close: if BTC doesn't bounce, the red ink isn't done spreading.
