Strategy, a company known for its aggressive Bitcoin accumulation strategy, is experiencing a serious decline in the ranking of the largest US public companies. Over 27 trading sessions, it has dropped 77 positions, now ranking only 310th by market capitalization. This is a signal that investors cannot ignore.
According to my data, Strategy's market capitalization is currently around $33.39 billion, with a stock price of $92.10. A drop of more than 2.68% on the observation day only worsened the situation, pushing the company into the second half of the top 500 list. This is not just a correction — it is systemic pressure on the shares, indicating a market reassessment.
What Lies Behind the Balance Sheet?
An analysis of the company's asset structure reveals an interesting picture. Strategy holds $56 billion in assets, of which $53 billion is in Bitcoin and only $3 billion in cash. However, the balance sheet also carries significant liabilities: $22 billion in nominal debt and $6.7 billion in credit obligations, plus $15 billion in loans.
If you subtract debts and preferred shares, the company's net equity is approximately $34 billion. In my view, this indicator reflects the real state of affairs. However, even such a substantial Bitcoin reserve does not shield it from vulnerability to market sentiment.
Comparison with Other Giants
For contrast, it's worth looking at neighbors in the ranking. Venture Global, with net assets of $10.7 billion, earned $4.8 billion in net profit over the year and trades at a price-to-book ratio of 3.1. Its shares rose 9.15% on the observation day. Twilio, despite $7.7 billion in net assets and $250 million in profit, has 55% of its assets in goodwill — $5.2 billion out of $9.5 billion. Excluding goodwill, Twilio's real assets amount to only $2.5 billion, and the adjusted price-to-book ratio soars to 13.2.
A similar situation exists with Jabil: excluding goodwill and intangible assets, liabilities exceed assets, although net profit is $1 billion. These examples clearly demonstrate that similar positions in the ranking hide companies with vastly different structures.
My expert opinion: Strategy's decline is not just a market fluctuation but a symptom of a fundamental reassessment of companies whose value is tied to volatile assets like Bitcoin. Investors should pay closer attention to debt burden and capital structure, not just stock prices. The market is starting to ask uncomfortable questions, and Strategy has yet to provide convincing answers.