Bitcoin Treasury Companies Lose More Than $100 Billion in Market Value

Companies that hold Bitcoin as a reserve currency have seen their combined market value shrink significantly. Since October 2025, more than $100 billion in value has evaporated, while the number of Bitcoins they hold has actually continued to grow. A striking contradiction that raises questions about the strategy of these so-called treasury companies.

Bitcoin is available at OKX and Bybit.

From $396 billion to $272 billion

The combined market capitalisation of treasury companies has fallen from $396 billion in October 2025 to $272 billion now, a loss of more than $100 billion. At the same time, the number of Bitcoins these companies hold has risen from 953,000 BTC to 1.14 million BTC. At the current Bitcoin price of $64.000, those holdings represent a significant value, but the market values the companies themselves much lower than before.

Analyst Darkfost points to an interesting detail: the heaviest accumulation occurred between November 2024 and October 2025, when Bitcoin traded between $75.000 and $125.000. During that period, the total number of Bitcoins held by these companies tripled. In other words, many of these purchases were made at the higher levels.

Accumulation slows, Strategy starts selling

Since May 2026, the purchase of Bitcoin by treasury companies has slowed down notably, almost coming to a standstill. Darkfost explains this by noting that Bitcoin had already reached a significant undervaluation by that point. So companies appear less eager at lower prices than they were at higher levels, a pattern that analysts often see with institutional players who jump in during euphoria.

What makes the situation even more interesting is that Strategy, the best-known example of a Bitcoin treasury company, now appears to be starting to sell. That raises the question of whether other companies will follow. Have these parties largely bought at the peak and are they now selling at the bottom? It would be a classic case of buying the top and selling the low, precisely the behaviour that retail investors are usually warned about.

The chart based on data from Bitcoin Treasuries and Yahoo Finance shows how the blue area of BTC holdings has grown strongly, while the red line of market capitalisation has fallen back. The divergence between the two lines tells the story of companies that own more Bitcoin than ever but are worth less on the stock exchange.