Corporate Bitcoin Holders Turn Net Sellers Amid Market Decline

The combined market value of publicly traded companies that bought Bitcoin has plummeted by $83 billion over the past year, highlighting the limitations of the 'Bitcoin treasury' model.

Of the 50 companies surveyed, 43 were trading below their pre-announcement share prices, with 35 having lost more than half their value. The biggest corporate Bitcoin holders have turned into net sellers as both Bitcoin and share prices have declined, making it increasingly difficult for these companies to raise capital.

The market value of these companies fell from $150 billion in July 2025 to $67 billion last month, according to data from Bitcoin Treasuries. Strategy, the world's largest corporate Bitcoin holder, saw its market capitalization drop by approximately $79 billion from its peak last year. This sharp decline is attributed to a reversal of the virtuous cycle that was initially expected, where larger Bitcoin holdings would push shares higher and enable more capital raising.

Cryptocurrency specialist Eric Benoist noted that it's challenging for smaller companies to follow Strategy's model due to rising fundraising costs and decreased market value. The trend suggests that these companies are now facing a significant restructuring process, marked by increased sales of Bitcoin and business cutbacks.