Bitcoin is back near $80K, but one part of the market is telling a very different story.
The 50 largest corporate Bitcoin holders have reportedly lost more than $80B in combined market value since mid-2025.
That doesn't mean the $BTC treasury thesis is dead. But it does show the difference between owning Bitcoin and building an entire leveraged business model around owning Bitcoin.
BTC can recover.
A company with expensive financing, dilution and a collapsing premium to its holdings has a much harder problem.
Worth keeping that distinction in mind during the next wave of “Bitcoin treasury” announcements.
$BTC #Bitcoin
The 50 largest corporate Bitcoin holders have reportedly lost more than $80B in combined market value since mid-2025.
That doesn't mean the $BTC treasury thesis is dead. But it does show the difference between owning Bitcoin and building an entire leveraged business model around owning Bitcoin.
BTC can recover.
A company with expensive financing, dilution and a collapsing premium to its holdings has a much harder problem.
Worth keeping that distinction in mind during the next wave of “Bitcoin treasury” announcements.
$BTC #Bitcoin