Data: Bitcoin treasury firms have seen their combined market capitalization drop by over $100 billion, while their total Bitcoin holdings have instead climbed to 1.14 million coins.

Analyst Darkfost noted that since October 2025, the total market value of global Bitcoin treasury companies’ holdings has shrunk from $396 billion to $272 billion, erasing over $100 billion in value. Over the same period, the total Bitcoin held by these firms rose from 953,000 to 1.14 million coins — the market value drop was driven entirely by falling Bitcoin prices, not sell-offs. However, it is worth noting that since May this year, when Bitcoin entered a significantly undervalued range, the pace of these firms’ Bitcoin purchases has slowed sharply and nearly stalled. The companies’ most concentrated buying period ran from November 2024 to October 2025, during which their holdings tripled in less than a year at purchase prices roughly between $75,000 and $125,000 — a zone right within Bitcoin’s all-time high territory. The pressing question now is: With these firms having built up large positions at the peak, will they sell off at low levels? Strategy recently became the first to initiate Bitcoin sales; whether other treasury companies will follow suit and become a new source of selling pressure for the market remains to be seen. Given their current total holdings of 1.14 million Bitcoin, if more firms are forced to cut positions amid the slumping market to ease financial strains, this could pose additional downside risks to Bitcoin’s price.