Bitcoin treasury companies shed $80bn in value as business model unwinds

More than $80 billion has been wiped off the market valuation of corporate bitcoin treasury companies as the trend of leveraging balance sheets to accumulate cryptocurrency rapidly unravels. According to an analysis by the Financial Times, the combined market capitalization of the top 50 corporate bitcoin holders plunged from a peak of $150 billion in July 2025 to just $67 billion. The downturn comes amid a prolonged crypto slump where bitcoin declined roughly 30% to trade near $78,000. Corporate adopters, heavily inspired by Michael Saylor's Strategy, initially experienced explosive share price surges after issuing debt and equity to buy tokens. However, 43 of the 50 top corporate holders now trade lower than prior to their bitcoin pivots, with 35 losing at least half their value. In July, corporate holders flipped from net buyers to net sellers, offloading a net 2,500 bitcoin worth roughly $160 million. Strategy led this shift, offloading nearly 7,000 bitcoin ($430 million) between late June and mid-August to service interest payments on its debt instruments. Analysts view the unwind as a necessary rationalisation of an unsustainable model that relied heavily on continuous capital raising and unhedged market leverage.