Market cap of 50 Bitcoin treasury companies evaporates by $83B in a year
- —Top-50 Bitcoin treasury firms' market cap fell from $150B to $67B in a year
- —43 of 50 companies trade below levels seen before announcing BTC purchases
- —35 companies have seen their shares fall by more than 50%
- —In July the top 50 sold about 2,500 BTC more than they bought, roughly $160M
Why it matters: The Bitcoin treasury model is breaking down as vanishing NAV premiums and costlier debt force companies to sell BTC and scale back.
Source: Bloomingbit