Those companies that put BTC on their balance sheets, from last October to now, have seen their holdings’ market value fall from $396B to $272B.

$124B has evaporated—but not a single BTC has been sold. Their holdings have instead risen to 1.14M.
This is the truth of corporate BTC: you think it’s active HODLing, but it’s actually passive locking. If they’re down $124B , how could they sell? Selling would mean admitting a mistake—shareholder lawsuits, a stock price crash, and the CEO stepping down. So all they can say is “long-term thesis unchanged.”
Saylor can do this because he uses money from convertible bonds, with interest rates near zero. The companies that imitate Saylor use their own funds, shareholder equity, and even leveraged loans. Saylor is chasing dreams with other people’s money; they’re paying the bill with their own money for Saylor’s dream.
Fear and greed 27, improving for six straight days, but these companies’ stock prices haven’t improved. Retail investors are bargain-hunting, institutions are staying silent. For the companies that have already moved in, they can only stay silent.