Data: The market value of bitcoin treasury companies has evaporated by over 100 billions USD, while holdings have increased to 1.14 million BTC

According to ChainCatcher, analyst Darkfost pointed out that since October 2025, the total market value of global Bitcoin treasury companies' holdings has shrunk from 396 billion US dollars to 272 billion US dollars, evaporating over 100 billion dollars. Meanwhile, the total amount of Bitcoin held by these companies increased from 953,000 to 1.14 million—the decline in market value was entirely driven by a drop in price, not by a reduction in holdings.

However, it is worth noting that since May this year, after Bitcoin entered a significantly undervalued range, the pace of accumulation has slowed dramatically, almost coming to a standstill. The most concentrated buying period for these companies was between November 2024 and October 2025, during which the holdings tripled in less than a year, with purchase prices ranging from 75,000 to 125,000 US dollars—right within Bitcoin’s historical high range.

The current question is: since these companies established large positions at the top, will they sell at lower levels? Strategy has recently been the first to start selling Bitcoin. Will this behavior be emulated by other treasury companies, becoming a new source of market selling pressure? With current holdings totaling 1.14 million BTC, if more companies are forced to reduce positions in a sluggish market to relieve financial pressure, it could pose additional downside risk to the price of Bitcoin.