An analysis of the 50 largest bitcoin treasury companies by BTC holdings finds their combined market cap has plunged from $150B in July 2025 to just $67B now
THE SO WHAT
Treasury BTC as a balance-sheet strategy is getting repriced—$80B+ in market cap erased and companies quietly selling down signals that equity investors are no longer paying a premium for crypto exposure. If your story to public or late-stage capital leans on token holdings, assume a higher bar for core operating performance and disclosure around unwind risk.
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