Crypto Treasuries Have Lost Over $80 Billion—Corporate Bitcoin Buying Model Has Failed

31.08.2026    17:54

Companies that built their investment strategies around accumulating Bitcoin have lost over $80 billion in market capitalization since this model peaked in popularity in the summer of 2025.

According to Financial Times calculations, the combined market capitalization of the 50 largest Bitcoin treasury companies fell from approximately $150 billion in July 2025 to $67 billion in August 2026.

The model gained popularity thanks to Michael Saylor’s Strategy. Companies issued stocks or debt securities, used the raised funds to buy Bitcoin, and expected the market to value them higher than the cost of the cryptocurrency on their balance sheets.

As long as Bitcoin was rising, this scheme allowed companies to raise new capital in a virtually endless cycle. But BTC’s drop of about 30% from its October 2025 high disrupted the mechanism.

According to the FT, the shares of 35 companies in the group studied lost more than half their value. Some market participants have already begun selling part of their crypto reserves to service their debts.

In effect, the market has stopped automatically paying a premium simply for having Bitcoin on a company’s balance sheet. Investors are now much more closely scrutinizing a company’s debt, the cost of raising capital, and the business’s ability to fund payments without selling cryptocurrency.

 

 

 

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