February Crash Wiped $10 Billion+ From BTC Treasury Companies. Is The "Bitcoin On Balance Sheet" Strategy Broken?

On Feb 6, BTC dropped below $65K and half of the top 10 corporate BTC treasury holders went underwater. Strategy's paper loss hit $8.32B, with their 713,502 BTC worth ~$45.9B against a $54.3B cost basis. Their mNAV crashed to 0.85x, meaning the market now values Strategy's stock at less than the Bitcoin it holds.

Source: https://www.coingecko.com/learn/february-6-crash-top-corporate-btc-treasuries