Analysts: Bitcoin treasuries riskier than direct BTC ownership
- —179 public companies held Bitcoin on their balance sheets as of September 2026
- —The market cap of the top 50 Bitcoin treasuries fell by ~$83 billion since July 2025
- —A StoneX analyst advises looking at BTC per share, accounting for debt and preferreds
- —Nakamoto shares fell 99% from their 2025 peak; Satsuma Technologies saw a similar drop
Why it matters: Investors should evaluate treasury stocks not by total BTC holdings but by debt load and dilution — risks spike sharply in a weak market.
Source: Digital Today