Bitcoin treasuries lost tens of billions of dollars: a $120 billion bubble burst
The corporate crypto treasury market is experiencing its most severe crisis. Since Bitcoin's October peak, when the first cryptocurrency reached above $126,000, the total assets of public companies holding digital currencies on their balance sheets have shrunk from $120 billion to $75 billion. This decline of more than a third is a direct consequence of Bitcoin's correction, which has lost about half its value over this period.
Copycat Mania and Its Consequences
The trend of creating Bitcoin reserves was set by Michael Saylor's company Strategy, which accumulated over $55 billion in BTC. By 2025, hundreds of teams worldwide rushed to copy this model. A particularly striking example is the company Janover, which in April 2025, after replacing its management with former Kraken exchange employees, announced a Solana buying spree. The $42 million raised from Pantera Capital and other investors caused its stock to surge 842%, sparking a wave of new imitators. The firm later renamed itself DeFi Development Corp. and raised an additional $125 million.
Segment Losses and the "Late Players" Problem
Now, with Bitcoin at around $66,000, unrealized losses for crypto treasuries amount to tens of billions of dollars. The only exceptions are companies that bet on Hyperliquid tokens. Premiums to net asset value (mNAV) have collapsed below one, indicating deep market distrust. Those who entered the game too late suffered the most — their assets have depreciated the most.
Failed Mergers and the Collapse of SPAC Projects
The situation is particularly dire for companies that went public via SPACs. In April 2026, a $1.6 billion deal between Ethereum treasury Ether Machine and SPAC Dynamix fell through. In June, the $1 billion ReserveOne project was shut down after two major investors opposed the merger. Even successfully listed companies, such as Avalanche Treasury Co., saw their shares drop more than 40% since trading began, despite the stability of the AVAX exchange rate.
A Symbolic Move: Strategy Starts Selling
The strongest signal came from the trend's founder, Michael Saylor. In February 2025, he urged people to "sell a kidney but keep Bitcoin." However, in June 2026, Strategy sold part of its holdings for the first time in four years. First 32 BTC, and then in July, another 3,588 BTC for $226 million. The proceeds went to pay dividends. This shows that even the "number one bulls" are forced to adapt to harsh reality.
The Satsuma Example: Total Collapse
The crisis reached its apotheosis with the liquidation of British company Satsuma Technology. Shareholders (over 90% of votes) voted to sell off 668 BTC (about $43.5 million) and delist from the London Stock Exchange. The company, which grew out of an AI project, existed as a Bitcoin treasury for less than a year. The £163.6 million raised through convertible bonds turned to dust: its market capitalization fell by more than 99%, and holding shares became more unprofitable than holding the cryptocurrency itself. As a result of the liquidation, ordinary shareholders will receive only meager crumbs of their investment, as bondholders are first in line.
My analysis: This cycle clearly demonstrates the difference between strategy and speculation. When the entire market rushes to copy a successful model without considering its own risk management and fundamental indicators, a bubble is inevitable. The current correction is a painful but necessary cleansing. Only those treasuries that have a real business and use Bitcoin as a long-term reserve, rather than as a tool for rapid stock growth, will survive. Investors should be extremely cautious about companies whose value is entirely tied to a volatile asset.