Bitcoin Leader Plummets Again... 4 Trillion Won in Market Cap Vanishes in a Day

MicroStrategy Inc. (MSTR) plunged 9.68% on the NASDAQ to close at $143.19, with trading volume exceeding 23.86 million shares. Its market capitalization fell to approximately $38.3 billion (about ₩51.8 trillion), erasing an estimated $3.4 billion (roughly ₩4.6 trillion) in a single session.

Recently, brokerage firm Clear Street lowered its price target on MicroStrategy from $443 to $268 but maintained a “Buy” rating, underscoring the company’s appeal as a leveraged Bitcoin vehicle amid continued volatility. Earlier in January, the stock had plunged more than 60% on concerns that MSCI might remove it from its indices, only to surge again after MSCI decided to retain digital-asset financial companies.

Originally an enterprise-software vendor, MicroStrategy has, since 2024, pursued an aggressive Bitcoin‐acquisition strategy, effectively branding itself as a Bitcoin development company. With holdings now exceeding 670,000 BTC—around 3% of the global supply—its shares are widely viewed as a leading “Bitcoin proxy,” offering investors leveraged exposure to Bitcoin’s price movements.