The total market capitalization of public companies holding bitcoin in their treasuries has fallen by more than $100 billion since October 2025. This decline occurred as the corporations themselves were actively increasing their positions in the first cryptocurrency, finding themselves trapped by the market correction.
My analysis of data obtained from leading on-chain analyst Darkfost paints a troubling picture. Since October 2025, the combined value of these companies has plummeted from $396 billion to $272 billion. Notably, over the same period, the volume of bitcoin they hold not only did not decrease but actually grew — from 953,000 to 1.14 million coins. In other words, corporations bought more, but their balance sheets depreciated along with the market.
Accumulation pace has sharply slowed
The key signal I see in this data is a sharp slowdown in the pace of purchases. The bulk of the coins were bought between November 2024 and October 2025, when the price of bitcoin fluctuated in the range of $75,000 to $125,000. It was then that the number of BTC on corporate balance sheets tripled. However, since May 2025, when, in my assessment, bitcoin entered a zone of significant undervaluation, the accumulation process has virtually stopped. This creates a paradoxical situation: companies increased their positions near local highs, but now, at lower prices, buying activity has dried up.
Risk of "selling the bottom"
The main question now is the future behavior of these institutional holders. The fact that many of them "bought the top" creates a risk that, with further pressure on the market, they will start "selling the bottom." The first sign here is Strategy (formerly MicroStrategy), which, according to my data, has already begun to sell off some of its bitcoins. This heightens concerns about the entire corporate treasury segment.
The slowdown in purchases by such large players removes a significant layer of habitual demand from the market. If other companies follow Strategy, it could create additional downward pressure on the price. For now, despite the record volume of coins on balance sheets, new purchases have virtually ceased, leaving the market in a vulnerable position.
My expert opinion: This situation is a classic example of pro-cyclical behavior by institutions. Instead of acting as a stabilizing force, corporate treasuries amplified volatility, buying at the peak and freezing during the downturn. This is a signal for retail investors: do not blindly trust institutional demand as a guarantee of growth. The market is still driven by emotions and capital, not just the "fundamentals" of balance sheets.