FWDI, MSTR Stocks Lead Overnight Decline In Crypto Equities With Bitcoin’s Price Holding Near $70,000

The dip in the Michael Saylor-backed company comes even after it picked up more Bitcoin for around $90 million on Monday.

• BMNR and CLSK shares were also in the red after hours.
• BMNR had announced earlier in the day that the value of holdings across Ethereum, cash, and its ‘moon shot’ bets had crossed $10 billion. 
• Metalpha Technology was the latest player to join the digital asset treasury bandwagon, after its board approved a Bitcoin allocation plan of up to 20% of annual net profit.

Forward Industries (FWDI) and Michael Saylor-backed Strategy (MSTR) led losses among crypto-linked equities in overnight trading on Monday, while Bitcoin (BTC) slipped back below $70,000.

FWDI’s stock fell 4.59% after hours, reversing part of a 4.21% gain during the regular session. MSTR’s stock slipped 1.51% in overnight trading after rising 2.6% earlier in the day.

On Stocktwits, retail sentiment around FWDI’s shares rose to ‘extremely bullish’ from ‘bullish’ over the past day, with chatter at ‘high’ levels. Retail sentiment around Strategy’s stock remained in the ‘neutral’ zone, with message volumes at ‘extremely high’ levels. 

Users on the platform poked fun at Saylor, noting that the stock remained stuck in the doldrums despite Monday’s disclosure of a fresh Bitcoin purchase.

Others shared concerns over dilution even after CEO Phong Le attempted to reassure shareholders during last week’s fourth quarter (Q4) earnings call, stating that MSTR’s Bitcoin reserve would only equal its net debt if BTC’s price dropped to $8,000.

MSTR Spends Another $90 Million On Bitcoin

FWDI, the Solana (SOL)-based digital asset treasury, announced on Monday that it plans to announce its earnings on Thursday, after market close. Meanwhile, Strategy on Monday announced that it had acquired another 1,142 Bitcoin for around $90 million over the last week to add to its coffers. The company currently holds around 714,644 BTC in its treasury, acquired for an aggregate purchase price of around $54.35 billion. 

Bitcoin’s price was down more than 2% in the last 24 hours to around $69,700. This puts the value of MSTR’s treasury at around $49.8 billion – lower than how much it has spent buying the apex cryptocurrency. On Stockwits, retail sentiment around Bitcoin remained in ‘bearish’ territory over the past day, with chatter at ‘extremely high’ levels. 

CLSK, BMNR Stocks Follow The Dip

Other crypto equities to see a dip of more than 1% in overnight trade included CleanSpark (CLSK), down 1.37%, and Tom Lee-backed Bitmine Immersion Technologies (BMNR), which fell 1.35%. 

Keefe Bruyette lowered its price target on CleanSpark to $14 from $18 while maintaining an ‘Outperform’ rating, citing added uncertainty tied to ERCOT’s proposed batch study and its implications for Texas-based operations. Clear Street also reduced its price target to $22 from $27, reiterating a ‘Buy’ rating and pointing to ongoing demand for high-performance computing, partially offset by weaker Bitcoin prices.

Meanwhile, Bitmine announced on Monday that its combined crypto, cash, and strategic investments have crossed the $10 billion mark. The company’s holdings included 4.33 million ETH, 193 Bitcoin, a $200 million stake in Beast Industries, a $19 million stake in Eightco Holdings (ORBS), and $595 million in cash. BMNR said its ETH holdings represent about 3.58% of the total Ethereum supply, maintaining a target to acquire 5%, with roughly $6.2 billion staked. 

Smaller Crypto Equities Buck Overnight Weakness

Exodus Movement (EXOD) and iPower (IPW) led gains among crypto-linked equities, rising more than 2% in overnight trading. Genius Group (GNS), Gemini (GEMI), and Strive Asset Management (ASST) posted gains of more than 1%.

Metalpha Technology (MATH) was the newest player to join the DAT bandwagon, with its board approving a Bitcoin allocation plan of up to 20% of annual net profit, which comes up to around $3.2 million. The company executed an initial $1 million Bitcoin purchase on Monday. 

For updates and corrections, email newsroom[at]stocktwits[dot]com.<