The combined market capitalization of 50 publicly traded companies that adopted Bitcoin treasury strategies fell to $67 billion from $150 billion in July 2025, erasing about $83 billion in a little over a year, according to data from Bitcoin Treasuries cited by the Financial Times. Over the past 12 months, the group’s combined value declined to $57 billion from $124 billion. Forty-three of the companies traded below their share prices before announcing Bitcoin purchase plans, while 35 had lost more than half their value. The Financial Times analysis excluded crypto exchanges, mining companies and businesses that already held Bitcoin as part of their operations. The companies had issued stock and convertible bonds to buy more Bitcoin when their shares traded at a premium to the net asset value of their holdings. That financing model weakened as Bitcoin and company share prices fell together, making new equity more dilutive and raising the cost of debt and preferred-stock financing. Some companies began selling Bitcoin and refocusing on their core businesses. The top 50 holders sold about 2,500 more Bitcoin than they bought in July, marking their first month as net sellers since the treasury strategy boom began; the sales were estimated at about $160 million. Strategy, the largest corporate Bitcoin holder, accounted for a significant portion of the market-value decline, with its capitalization down about $79 billion from last year’s peak. Bitcoin was trading at about $78,000 at the time of the Financial Times analysis, down roughly 30% from a year earlier, while many treasury companies fell more sharply.