An analysis of the 50 largest bitcoin treasury companies by BTC holdings finds their combined market cap has plunged from $150B in July 2025 to just $67B now (Financial Times)

The analysis of the 50 biggest bitcoin-treasury firms shows their aggregate market capitalization fell from roughly $150 billion in July 2025 to about $67 billion at present. This decline reflects a more than 55 percent loss in value despite the companies collectively holding the largest BTC balances.