An analysis of the 50 largest bitcoin treasury companies by BTC holdings finds their combined market cap has plunged from $150B in July 2025 to just $67B now
Crypto hoarders have been selling tokens and reverting to former activities — More than $80bn has been wiped off the value …
Context & Ripple Effects
Corporate bitcoin accumulation had expanded well beyond Strategy: a June 2025 count put roughly 130 listed companies at about $87 billion of BTC holdings. The latest retrenchment therefore reaches a broad cohort rather than a single high-profile buyer.
The model had already come under pressure in late 2025, when a crypto selloff cut Strategy's valuation sharply and reports described the digital-asset-treasury trade unraveling. The steep fall in the group’s aggregate equity value shows that holding BTC has ceased to support the market premium many issuers sought.
First-order effects
- The 50 largest bitcoin treasury companies have lost more than half their combined market value from the July 2025 peak, while some are selling tokens and returning to their pre-treasury businesses.
- Strategy and other BTC-heavy issuers face a diminished equity valuation base for financing additional bitcoin purchases.
Second-order effects
- Companies that raised debt or equity to accumulate BTC must prioritize balance-sheet repair and their underlying operations over further treasury expansion.
- The contraction weakens the corporate-buyer channel that had supplemented bitcoin demand, making treasury-company shares more tightly tied to the value of their token holdings.
Third-order effects
- If the retreat persists, public-market investors are likely to value bitcoin treasury vehicles closer to the underlying BTC they hold rather than award a durable premium for the acquisition strategy.
- The episode points to a narrower role for token treasuries: a balance-sheet allocation for operating companies, rather than a repeatable route for companies to remake their equity story.
The trend: The digital-asset-treasury boom is shifting from aggressive, finance-led BTC accumulation toward scrutiny of whether a token reserve can sustain a public-company valuation premium.