More than $80bn has been wiped off the value of bitcoin treasury companies since mid-2025, with their combined market capitalisation plunging from $150bn in July 2025 to just $67bn today. The crypto-buying craze that transformed their business models failed to boost share prices. Companies including a Spanish coffee chain, Japanese clothing retailer and US battery maker rushed to raise debt and equity to buy bitcoin in 2024-2025, inspired by US bitcoin evangelist Michael Saylor and his company Strategy.

Over 43 of the top 50 bitcoin treasury companies now trade below pre-pivot levels, with 35 down at least 50%. Strategy alone accounts for $79bn of the decline. Many are now selling tokens and returning to original businesses as the leveraged bets unwind faster on the way down.