The combined market capitalization of the 50 largest public companies with significant Bitcoin holdings has plummeted from approximately $150 billion in July 2025 to $67 billion in August 2026. This represents a loss of more than $80 billion, signaling a reversal for the corporate crypto treasury strategy. The decline is attributed to a drop in Bitcoin's price, which has fallen about 30% year-over-year, and the erosion of the premium these stocks once traded at compared to their digital asset holdings.
The business model, which involved raising capital through debt and equity to buy Bitcoin, is now unwinding. As a result, many of these firms are now trading below their share prices from before they adopted a Bitcoin-centric strategy. Some companies, including the largest holder, Strategy (formerly MicroStrategy), have begun selling portions of their Bitcoin reserves to fund operations, dividends, and share buybacks.