Nvidia founder and CEO Jensen Huang speaks during a press conference at the Asia-Pacific Economic Cooperation CEO Summit in Gyeongju, Korea, on Oct. 31, 2025. Photo by JUNG YEON-JE / AFP via Getty Images

A darker mood is setting in across markets and, alarmingly, only one company can break the funk.

All of the frothiest bits of finance are now under pressure. Bitcoin — perhaps the purest gauge of speculative fervour — has dropped 29 per cent from its high and is now negative on the year.

Stocks in companies that buy and store bitcoin, and do little else (yes, this is a thing), are in severe distress. Biggest of them all, Strategy Inc. (formerly MicroStrategy), is down by more than 30 per cent this year, and over 50 per cent since its summer high. Its co-founder Michael Saylor has so

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