Since Bitcoin’s October peak above $126,000, crypto treasury assets have shrunk by more than a third — from $120 billion to $75 billion — as the market tracked the coin’s roughly 50% decline, Bloomberg reported.
A $120 billion bubble
Michael Saylor’s Strategy was the first to apply the model, amassing more than $55 billion in bitcoin. In 2025, hundreds of teams began to copy it.
In April that year, commercial real estate firm Janover changed leadership and direction: a new team led by former Kraken managers announced a pivot toward buying Solana and raised $42 million from Pantera Capital, Kraken and other investors. The same day, the company’s shares jumped 842%, sparking a wave of imitators. Later in April, the firm renamed itself DeFi Development Corp.
In August, Pantera general partner Cosmo Jiang led another $125 million round for DeFi Development Corp. According to Artemis Analytics, by the October peak, crypto treasuries held more than $120 billion in assets.
Segment losses
From its all-time high, Bitcoin has fallen by roughly half. At the time of writing, Bitcoin is trading around $66,000.
The DAT segment has contracted alongside digital gold. According to Artemis, such companies now control about $75 billion with unrealized losses in the tens of billions of dollars. The only exceptions were treasury firms accumulating Hyperliquid tokens.
Company premiums to asset value collapsed below 1 on mNAV. Late entrants suffered the most. Even segment leaders like BitMine Immersion and Hyperliquid Strategies trade well below their peaks.
Scrapped mergers
Companies that went public via SPAC are in a difficult position. Some are still closing deals from a year ago; others are on the verge of falling apart, Bloomberg wrote.
In April 2026, a $1.6 billion deal between Ethereum treasury Ether Machine and SPAC Dynamix collapsed. Ether Machine planned to list on Nasdaq under the ticker ETHM. The parties ultimately scrapped the merger due to “unfavorable market conditions.”
In June, the $1 billion ReserveOne project was shut down. The company had prepared to list on Nasdaq via a merger with M3-Brigade Acquisition V, but two major investors opposed the deal. Former U.S. Commerce Secretary Wilbur Ross was set to join the board.
Going public did not make things easier for those that succeeded. In October 2025, Avalanche Treasury Co. agreed to merge with SPAC Mountain Lake Acquisition Corp. The deal was valued at more than $675 million with a goal of building a $1 billion AVAX treasury. Trading began in June this year. The shares are down more than 40%, even though the related token’s price has barely changed.
Even Strategy started selling
The model’s author also began to sell. In February 2025, when Bitcoin fell below $85,000, Saylor wrote on X:
“Sell a kidney if you have to, but keep your bitcoin.”
In June 2026, the company sold part of its holdings for the first time in four years — 32 BTC worth about $2.5 million. In July, Strategy sold another 3,588 BTC for $226 million. The proceeds were used to pay quarterly dividends on the firm’s preferred shares.
Satsuma winds down its treasury
On July 20, U.K.-based Satsuma Technology announced the liquidation of its bitcoin treasury. Shareholders voted to sell the cryptocurrency and leave the London Stock Exchange. More than 90% backed two resolutions — to sell 668 BTC (about $43.5 million) and to delist. The treasury operated for less than a year.
The firm grew out of a small AI project called TAO Alpha. After rebranding, the company hired U.S. analyst Mark Moss as chief bitcoin strategist.
In August 2025, Satsuma raised £163.6 million ($218 million) via convertible notes. The round was led by ParaFi Capital, with participation from Pantera, Digital Currency Group and Kraken.
In December, the company began selling bitcoin to pay creditors: it sold 579 BTC for £40 million. Early in 2026, top executives left, and by April the shares had fallen more than 99%. Around that time, Pantera, with about a 6.7% stake, publicly demanded liquidation. The market cap fell below the value of the cryptocurrency on the balance sheet — holding the stock became less attractive than the asset itself.
The board was split: four directors opposed liquidation and two supported it. Despite that, shareholders overrode the majority and passed the measure in a vote.
Following liquidation, Satsuma expects to return £26.8 million to £30 million to shareholders. Including the £40 million raised from the December sale, the company will recover about £66–70 million of the £163.6 million raised. Holders of convertible notes will be paid first, so common shareholders will receive even less.
Delisting from the London exchange is expected in mid-September, with shareholder payouts by the end of the month.
In May, inflows into crypto treasuries fell to the lowest since October 2024, totaling $180.5 million versus $4 billion a month earlier.
