Market Value of Bitcoin-Buying Public Companies Drops $83 Billion

The market value of publicly traded companies that bought Bitcoin in an effort to lift their share prices is falling sharply. With Bitcoin prices down and fundraising through stock and bond sales becoming more difficult, the "Bitcoin treasury" model is running up against its limits.

Data from Bitcoin Treasuries show the combined market capitalization of the 50 public companies with the largest Bitcoin holdings fell to $67 billion last month from $150 billion in July 2025. That means about $83 billion was erased in a little over a year. Over the past 12 months alone, their combined market value dropped to $57 billion from $124 billion.

Among the 50 companies surveyed, 43 were trading below their share prices from before they announced plans to buy Bitcoin. Of those, 35 had lost more than half their value. The Financial Times said its analysis excluded crypto exchanges, mining companies and businesses that held Bitcoin as part of their existing operations, focusing only on companies that recently switched to a Bitcoin treasury strategy.

These companies raised money by issuing stock or convertible bonds when their shares traded at a premium to the net asset value of the Bitcoin they held. They then used the proceeds to buy more Bitcoin. The strategy was based on the idea that larger Bitcoin holdings would push shares even higher and make it possible to raise more capital.

That virtuous cycle reversed when Bitcoin prices and share prices fell at the same time. As the premium on their stocks disappeared, new share issuance became more dilutive for existing investors. Funding costs also rose for bonds and preferred stock, prompting some companies to sell Bitcoin or return to their core businesses.

Corporate Bitcoin flows have also turned negative. According to BitcoinTreasuries.net, the top 50 corporate Bitcoin holders sold about 2,500 more Bitcoin than they bought in July. It was the first time they had become net monthly sellers since the Bitcoin treasury boom began. The sales were estimated at about $160 million.

A large portion of the decline in market value came from Strategy, the world's largest corporate Bitcoin holder. The Financial Times said Strategy's market capitalization has fallen by about $79 billion from its peak last year. At the time of the FT tally, Bitcoin was trading around $78,000, down about 30% from a year earlier. But shares of treasury companies that used debt and stock issuance to build Bitcoin reserves fell even more sharply than Bitcoin itself.

"It is not easy for smaller companies to follow Strategy's model by raising money in the market every week," Eric Benoist, a technology and data research specialist at Natixis Corporate & Investment Banking, said. He added that Bitcoin sales and business cutbacks are part of the market's restructuring process.