Bitcoin Treasury Stocks Wipe Out $83B as Strategy Sheds $79B From Peak
MSTR sits 94% above its 52-week low of $81.81.
Summary
The Bitcoin treasury trade is unwinding hard. The 50 public companies that pivoted to holding Bitcoin have seen their combined market value collapse from $150B to $67B since July 2025 — an $83B wipeout. Strategy accounts for the bulk of the damage, down roughly $79B from its peak. The model broke when Bitcoin and the stocks fell together: premiums to net asset value vanished, making new share issuance dilutive and debt more expensive. Corporate Bitcoin buyers turned net sellers in July for the first time, offloading about 2,500 BTC. This follows Strategy's own Q2 $8.2B loss and its shift to selling Bitcoin for liquidity. The data confirms the reflexive cycle has reversed — smaller treasury companies can't raise capital the way Strategy did, and the unwind is now feeding on itself.
At the time of this announcement, MSTR was trading at $158.92 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $60.9B. The 52-week trading range was $81.81 to $365.21. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Bloomingbit.