The corporate Bitcoin treasury model is experiencing a systemic breakdown, with the dramatic decline of Strategy (MSTR.US) - formerly known as MicroStrategy (MSTR.US) - serving as the clearest symbol of this trend. According to Woofun AI data, the combined market value of the top 50 publicly traded companies holding Bitcoin has plummeted from $150 billion in July 2025 to $67 billion by August 2026, wiping out roughly $80 billion in just 18 months.
Among these firms, Strategy (MSTR.US) alone has seen its market capitalization shrink by $79 billion, accounting for the vast majority of the nearly $83 billion total losses across the top 50 companies. The broader industry is in deep distress, with 43 companies - representing 86% of the group - now trading below their pre-Bitcoin strategy price levels, while 35 companies have suffered market value declines of 50% or more.
A critical turning point emerged in July 2026: the top 50 companies collectively recorded a net sale of 2,500 Bitcoin, marking the first net-selling month since this trend first gained traction. This shift signals the collapse of the reflexive cycle in which companies relied on premium valuations to raise capital for purchases, which in turn supported their stock prices. Now, corporations are being forced to liquidate holdings to service debt obligations or fund share buybacks.
Earlier, overseas imitators such as Japan's Metaplanet and the UK's Smarter Web Company had followed this playbook between 2024 and 2025. However, even Bitcoin's peak of $126,000 in October 2025 failed to reverse the overall downward trajectory for these firms.
The most decisive factor is that the spot Bitcoin ETF, launched in January 2024, has fundamentally disrupted this model, which essentially packaged stagnant businesses as leveraged Bitcoin bets. Investors can now gain direct exposure to Bitcoin at a low cost without taking on equity dilution or management risks, thoroughly exposing the unsustainable nature of the corporate treasury reserve strategy.
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