Bitcoin slide to $60,233 leaves BTC treasuries near $10B loss as Strategy risks $27B at $38,000

Bitcoin's drop to $60,233 before a rebound to $65,443 has pushed eight pure-play Bitcoin treasury companies close to $10 billion in combined unrealized losses on more than 850,000 BTC. Strategy, Metaplanet, and Twenty One Capital are among the hardest hit, and scenario analysis shows Strategy's paper losses could total $27.14 billion if Bitcoin falls to $38,000. Market-to-net-asset-value discounts, ETF outflows, and reflexive financing pressures are amplifying the stress across these highly leveraged balance sheets.