Bitcoin Treasury Model Implodes, Wipes Out $80 Billion in Value

The Bitcoin treasury model has collapsed, wiping out $80 billion in value from the 50 largest public companies that held the digital asset on their balance sheets. According to the Financial Times, these companies' combined market capitalization plummeted from $150 billion in July 2025 to just $67 billion by August 2026.

The decline of Strategy, formerly known as MicroStrategy, accounts for nearly all of this carnage, with its stock losing approximately $79 billion from its peak valuation. This represents virtually the entire $83 billion wipeout across the top 50 companies.

In fact, 86% of these companies are now trading below their pre-pivot share prices, and 35 have lost at least half their value. The most telling signal of the model's breakdown came in July 2026, when the top 50 companies collectively became net sellers of Bitcoin for the first time since the treasury trend began.