Bitcoin-treasury companies have collectively lost roughly $62 billion in fully diluted market value since early October, per Artemis data, with the cohort’s combined valuation falling to about $72 billion from a peak of nearly $134 billion.
The drawdown has outpaced bitcoin itself, which is down about half from its October high, and reflects the unwinding of the digital-asset treasury, or DAT, premium that drove the sector through 2024 and 2025.
The cracks are now showing up at the individual company level. Strategy disclosed its first bitcoin sale since 2022 earlier this week, offloading 32 BTC to fund preferred-stock dividend obligations.
Forward Industries, one of the most aggressive Solana-treasury imitators, deposited 455,784 SOL worth $31.87 million to Coinbase Prime on Friday after a month of dormancy, with its overall SOL position now sitting roughly $1.13 billion underwater at an average cost basis above $230.
Across the broader cohort, companies are conducting reverse stock splits, restructuring financing arrangements and issuing fresh preferred securities to stay funded.
