Bitcoin Treasury Shakeout Hits Publicly Listed Companies

For two years, publicly listed companies have been competing to raise capital to buy BTC and presenting themselves as leveraged alternatives to holding the asset directly.

The model worked well for a while, with their shares trading comfortably above the value of the BTC on their balance sheets. Some experienced massive growth within months.

However, it seems that a change is underway. The companies' shares are now under pressure as they try to raise more capital to buy even more BTC.

The Market Cap of the cryptocurrency market is currently at $2.27T, with a 0.29% increase in the past 24 hours.