Bitcoin Leader Loses 6 Trillion Won in Market Cap in One Day

MicroStrategy Inc. (MSTR), often dubbed the flagship Bitcoin stock, plunged 17.13% on the Nasdaq on the 5th, closing at $106.99—roughly ₩157,000. Its market capitalization shrank to about $28.6 billion (≈₩42 trillion), erasing nearly $4.2 billion (around ₩6 trillion) in a single day, as over 37.59 million shares changed hands.

The sell-off was driven largely by Bitcoin’s slide below $70,000 to the low $60,000s and by a sharp chill in investor sentiment after Canaccord Genuity cut MicroStrategy’s price target by more than 60%. With Bitcoin’s value dipping below MicroStrategy’s purchase cost, investors are questioning whether the company can maintain its long-standing “never sell Bitcoin” policy ahead of its Q4 earnings report.

Originally an enterprise-software provider, MicroStrategy has transformed into a de facto Bitcoin investment and development firm—and even a leveraged Bitcoin ETF proxy—by accumulating hundreds of thousands of coins. As a result, its share price swings more wildly than Bitcoin itself. In the recent market correction, MicroStrategy shares tumbled roughly 70% from their 52-week high, cementing the stock’s status as an extreme high-risk theme play.