The Bitcoin treasury company boom is facing a major reset. The top 50 Bitcoin holding companies have seen their combined market value fall from around $150 billion in July 2025 to about $67 billion in August 2026, wiping out more than $80 billion, according to a Financial Times analysis.

The model became popular after Strategy showed how companies could raise money through debt or equity and use it to accumulate Bitcoin. As long as their shares traded at a premium to the value of their BTC holdings, the strategy could keep expanding. But falling Bitcoin prices and weaker investor demand have put that model under pressure.

Strategy itself has reportedly sold Bitcoin this year to help service interest bearing instruments, a notable change from its earlier approach of accumulating BTC without selling. Other companies that adopted similar treasury strategies have also seen their shares decline sharply

The recent rebound in Bitcoin toward $80,000 has offered some relief to crypto related stocks, but the bigger question is whether Bitcoin treasury companies can maintain their financing models when the market is no longer willing to give them large premiums for simply holding BTC.