Finance

Bitcoin’s $100K Dip Drags Down Strategy, Nakamoto, and Strive: What’s Next?

Bitcoin‘s drop below $100K caused declines in related equities, like Nakamoto Holdings and Strategy.

November 14, 2025, 12:56 PM

A golden Bitcoin coin stands upright on a dark, reflective surface in front of a red, downward-trending financial graph.

A visualization of the Bitcoin price crashing, represented by a red, downward-trending chart. By Hi my name is Jacco / Shutterstock.com.

Executive Summary

Bitcoin-linked equities, including Strategy, Nakamoto Holdings, and Strive, experienced significant declines as the price of Bitcoin fell below the $100,000 threshold to $96,485.

Nakamoto Holdings saw the steepest decline of 6% and has been under heavy selling pressure, plummeting 94% since July 1 due to a $5 billion equity offering, a $30 million investment, and insider sales.

Strategy, an industry bellwether, received a B- issuer credit rating from S&P, which is anticipated to facilitate access to new credit markets for its ongoing Bitcoin accumulation strategy.

The Story So Far

The recent decline in Bitcoin-linked equities, including Strategy, Nakamoto Holdings, and Strive, is directly tied to Bitcoin’s price falling below the $100,000 threshold, highlighting the strong correlation between these companies’ stock performance and the digital asset’s market fluctuations; individual company-specific factors such as Nakamoto Holdings’ large equity offering and insider sales, Strategy’s new credit rating, and Strive’s capital expansion efforts also play a significant role in their respective trajectories.

Why This Matters

The synchronized decline in Bitcoin-linked equities following Bitcoin’s drop below $100,000 underscores the significant and direct correlation between the flagship digital asset’s price movements and the stock performance of companies holding substantial Bitcoin, highlighting their inherent vulnerability to crypto market volatility. This situation also reveals that while Bitcoin’s price is a major driver, company-specific financial and strategic developments, such as equity offerings or credit ratings, play a crucial role in shaping individual stock trajectories and can either exacerbate or mitigate these impacts.

Who Thinks What?

Bitcoin-linked equities, including Strategy, Nakamoto Holdings, and Strive, experienced significant declines as Bitcoin’s price fell below $100,000, highlighting a close correlation between their equity performance and the digital asset’s market fluctuations.

Nakamoto Holdings is under specific pressure, with its shares plummeting due to a $5 billion at-the-market equity offering, a $30 million investment in Metaplanet, and insider sales following PIPE lock-up expirations.

Strategy continues to serve as an industry bellwether, recently receiving a B- issuer credit rating to facilitate access to new credit markets for its Bitcoin accumulation strategy, while Strive is expanding its capital base after a successful $149.3 million oversubscribed SATA initial public offering.

Bitcoin-linked equities, including Strategy (Nasdaq: MSTR), Nakamoto Holdings (Nasdaq: NAKA), and Strive (Nasdaq: ASST), experienced significant declines on Friday, November 14, 2025, as the price of Bitcoin fell below the $100,000 threshold. The flagship digital asset was trading at $96,485 at publication time, marking a 4% drop.

Individual Company Performance

Among the three companies, Nakamoto Holdings saw the steepest decline, falling 6% in early market action. Strategy shares slipped 4%, while Strive dipped 2% as the broader crypto market reacted to Bitcoin’s downturn.

Nakamoto Holdings Under Pressure

Nakamoto Holdings’ recent decline extends a period of heavy selling pressure. An October 2025 investor memo from B. Riley Securities indicated that NAKA shares had plummeted 94% since July 1 and 44% year-to-date as of mid-October. This selloff was attributed to the company’s $5 billion at-the-market equity offering, a $30 million investment in Metaplanet (MPTLF), and insider sales following the expiration of PIPE lock-ups.

Strategy’s Industry Bellwether Role

In contrast, Strategy continues to serve as a bellwether for the industry. The Virginia-based firm recently received a B- issuer credit rating from the S&P rating agency. This rating is anticipated to facilitate access to new credit markets, supporting the firm’s ongoing strategy of accumulating Bitcoin.

Strive’s Capital Expansion Efforts

Meanwhile, Strive is actively working to expand its capital base. This follows the successful completion of a $149.3 million oversubscribed SATA initial public offering, according to company statements. Despite being down 76% over the last six months, the stock has shown resilience, remaining up 131% year-to-date.

Market Interdependence

The synchronized downturn in these prominent Bitcoin treasury companies highlights the close correlation between their equity performance and Bitcoin’s market fluctuations. While Bitcoin’s price exerts significant influence, company-specific financial and strategic developments also play a crucial role in shaping individual stock trajectories.