Treasury firms lose ground as Bitcoin holdings shrink 76%

Once hailed as the institutional bridge that would secure cryptocurrency’s role in corporate finance, Bitcoin treasuries are now in sharp decline, plunging 76% as Wall Street pulls ￰0￱ than serving as a solid base for demand – companies, pensions, and institutions holding Bitcoin on their balance sheets – this previously steady support reveals its ￰1￱ support that has initially helped prop up prices is turning into the ￰2￱ Street steps back from Bitcoin treasuries Digital-asset treasuries’ buying of Bitcoin is down from 64,000 BTC in July to 12,600 in August, according to data from ￰3￱ far in September, the number sits at a paltry 15,500 BTC.

That’s down 76% from the early-summer ￰4￱ was down nearly 6% for the week, with other major tokens like Ether also ￰5￱ liquidations and tepid derivatives activity have accelerated the selloff. Meanwhile, several treasury companies’ stocks have ￰6￱ that were bubbly on private investment in public equity deals are now priced at as much as 97% below their issue ￰7￱ firms could lose another 50% of their value if pressure remains, according to analysts at ￰8￱ Wall Street Journal reported that US regulators are now investigating unusual trading around treasury-related ￰9￱ observers also note that there is limited visibility on how much crypto these companies own and at what price they obtain ￰10￱ private investment in public equity with warrants has made monitoring the true share count and dilution risks more ￰11￱ was once advertised as a safe institutional on-ramp to crypto now seems ￰12￱ of many of the listed treasury companies now trade at or even below the value of the Bitcoin on their books, wiping out the rich premiums investors once ￰13￱ sellers clear the demand ledger For most of 2025, digital-asset treasuries were considered a countercyclical buyer, injecting billions into Bitcoin and absorbing ￰14￱ emboldened a conviction that Wall Street could act as a stabilizing force in the ￰15￱ confidence has been ￰16￱ capital, they are unable to exercise purchasing power any ￰17￱ creates a cycle in reverse: falling institutional demand drives down prices, causing new inflows to ￰18￱ pressure is most visible in derivatives ￰19￱ in longer-dated futures has dried up, and more than $275 million in Bitcoin longs were liquidated on a single day this week ￰20￱ reversal reflects traders’ increasing reluctance to take on risk.

Retail, however, is hanging tough as ETFs are still a point of lightness, and the iShares Bitcoin Trust ETF took in $2.5 billion last month, up sharply from $707 million in ￰21￱ investors are still chasing exposure, as corporate buyers ￰22￱ to Jeff Dorman, chief investment officer at Arca, the rotation was ￰23￱ appeared weak as digital-asset treasuries ￰24￱ this didn’t trigger direct selling pressure, it effectively sidelined a deep-pocketed buyer from the ￰25￱ the old traders are getting wary of what’s ￰26￱ Christensen, who runs AirdropAlert. com, said he saw warning signs when Bitcoin passed the $123,000 mark in ￰27￱ said the spread of treasury companies was, in his view, a sign that the top of the market had been reached and likened it to earlier cycles characterized by overconfidence followed by steep ￰28￱ the sharp pullback points to a new ￰29￱ than integrating Bitcoin into corporate finance, digital-asset treasuries have added another layer of volatility to the market.

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