The market capitalization of companies holding bitcoin in their treasuries has collapsed by more than $100 billion since October 2025. This is a direct consequence of aggressive asset buying near all-time highs. The total value of their portfolios has shrunk from $396 billion to $272 billion, while the volume of coins held has, on the contrary, increased.
Over the specified period, the number of bitcoins on the balance sheets of these corporations rose from 953,000 to 1.14 million BTC. The paradox is clear: there are more coins, but their total valuation has sharply declined following the market correction. This is a classic example of a "averaging trap" in a bearish trend.
Accumulation pace has sharply slowed
A key warning signal is the sharp slowdown in the pace of purchases. These companies bought the bulk of their BTC between November 2024 and October 2025, when the price fluctuated in the range of $75,000 to $125,000. During this time, their holdings tripled. However, since May, when bitcoin entered a zone of significant undervaluation, accumulation has virtually stopped.
This paints an extremely alarming picture: corporations increased their positions near peaks, but now, at lower prices, buying activity has dried up. Such behavior indicates either a lack of liquidity or a shift to a wait-and-see strategy.
Risk of "selling the bottom"
The main question now is the future behavior of these holders. Given that many of them effectively "bought the top," there is a risk that they will start "selling the bottom", attempting to lock in losses or raise capital. The example of Strategy (formerly MicroStrategy) is telling here: the company has already begun to realize part of its bitcoins, which increases pressure on the market.
If other treasuries follow Strategy's lead, the pressure on price could become catastrophic. For now, they hold a record volume of coins, but the absence of new purchases removes a significant portion of the usual corporate demand. The market becomes more vulnerable to external shocks.
My analysis: We are witnessing a classic "euphoria — disappointment" cycle. Corporate treasuries, succumbing to FOMO, accumulated positions at the peak, and now they are frozen in indecision. If major players start to lock in losses, it could trigger a chain reaction capable of crashing the price significantly below current levels. Investors should be extremely cautious and monitor on-chain data regarding the movement of funds from these companies' wallets.