Since reaching an October peak of over $126,000, the assets of crypto treasuries have shrunk by more than a third—from $120 billion to $75 billion. This decline reflects the market's reaction to Bitcoin's correction, which has seen its price drop by about half, according to Bloomberg.
$120 Billion Bubble
The first model was implemented by Michael Saylor's Strategy, which accumulated over $55 billion in Bitcoin. By 2025, hundreds of teams began to replicate this approach.
Top 15 largest crypto treasuries. Source: CoinGecko.In April of that year, Janover, a company specializing in commercial real estate, changed its leadership and strategy: the new team, led by former Kraken exchange managers, announced a pivot towards acquiring Solana and raised $42 million from Pantera Capital, Kraken, and other investors. On the same day, the company's stock surged by 842%, sparking a wave of imitators. Later in April, the firm rebranded to DeFi Development Corp.
In August, Pantera's managing partner Cosmo Jiang led another funding round of $125 million for DeFi Development Corp. According to Artemis Analytics, by the October peak, crypto treasuries held assets exceeding $120 billion.
Segment Losses
Bitcoin has lost about half its value since its all-time high. As of this writing, the leading cryptocurrency is trading around $66,000.
Hourly chart of BTC/USDT on Binance. Source: TradingView.The DAT segment has contracted alongside digital gold. According to Artemis, these companies now control about $75 billion with unrealized losses in the tens of billions. The only exceptions are treasury firms accumulating Hyperliquid tokens.
Unrealized losses of crypto treasuries. Source: Bloomberg/Artemis.Companies' premiums to asset value have collapsed below one based on mNAV. Those who entered the market too late have suffered the most. Even segment leaders like BitMine Immersion and Hyperliquid Strategies are trading significantly below their peaks.
Failed Mergers
Companies that went public via SPACs have found themselves in a difficult position. Some are still closing deals from a year ago, while others are on the verge of collapse, reports Bloomberg.
In April 2026, a $1.6 billion deal between Ethereum treasury Ether Machine and SPAC company Dynamix fell through. Ether Machine planned to list on Nasdaq under the ticker ETHM. Ultimately, the parties announced the cancellation of the merger due to "unfavorable market conditions."
In June, the ReserveOne project, valued at $1 billion, was shut down. The company was preparing to list on Nasdaq through a merger with M3-Brigade Acquisition V, but two major investors opposed the move. The board was to include former U.S. Secretary of Commerce Wilbur Ross.
Meanwhile, those who managed to go public are not faring any better. In October 2025, Avalanche Treasury Co. agreed to merge with SPAC Mountain Lake Acquisition Corp. The deal was valued at over $675 million, aiming for a $1 billion AVAX treasury. Trading began in June this year. Since then, shares have fallen by more than 40%, even though the price of the relevant token has remained relatively stable.
Stock chart of Avalanche Treasury Co. Source: Yahoo Finance.Even Strategy Starts Selling
The model's creator has also begun selling. In February 2025, when Bitcoin fell below $85,000, Saylor wrote on X:
"Sell a kidney if you have to, but hold onto 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 Shuts Down Treasury
On July 20, British company Satsuma Technology announced the liquidation of its Bitcoin treasury. Shareholders voted in favor of selling off cryptocurrency and exiting the London Stock Exchange. More than 90% of voters supported two resolutions: the sale of 668 BTC (approximately $43.5 million) and the delisting.
The treasury operated for less than a year. The firm evolved from a small AI project, TAO Alpha. After rebranding, the company hired American analyst Mark Moss as its chief Bitcoin strategist.
In August 2025, Satsuma raised £163.6 million ($218 million) through convertible bonds, led by ParaFi Capital, with participation from Pantera, Digital Currency Group, and Kraken.
In December, the company began selling Bitcoin to pay creditors: 579 BTC were sold for £40 million. By early 2026, top executives had left the firm, and by April, shares had dropped by over 99%. At that time, Pantera, holding about 6.7%, publicly called for liquidation. The market cap fell below the value of the cryptocurrency on the balance sheet—holding shares became less profitable than the asset itself.
The board was divided: four opposed liquidation, while two supported it. Despite this, shareholders overcame the majority's position and passed the resolution.
Following the liquidation, Satsuma expects to return between £26.8 million and £30 million to shareholders. Considering the £40 million raised from the December sale, the company will recover about £66-70 million of the £163.6 million raised. However, convertible bondholders will be paid first, leaving common shareholders with even less.
Delisting from the London Stock Exchange is expected in mid-September, with shareholder payments by the end of the month.
It is worth noting that in May, inflows into crypto treasuries fell to their lowest since October 2024, totaling $180.5 million compared to $4 billion the previous month.