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Grayscale and MicroStrategy struggles hint at hard times for crypto

With the fallout from FTX’s collapse still being felt, there are signs that, for crypto markets, things may get worse before they get better.

This tool suggests Bitcoin was the wrong bet for Michael Saylor

According to BlockchainCentre.net, MicroStrategy’s 130,000 bitcoins are worth $2.7B — impressive if it hadn’t spent $4B on acquiring them.

MicroStrategy is at least 23% down on its bitcoin holdings but says it will be selling up to $500 million worth of its stock to buy more.

The Attorney General of Washington DC is suing Bitcoin evangelist and MicroStrategy Chairman Michael Saylor, alleging tax fraud.