Digital asset treasury stocks lose $62 billion as Bitcoin rout deepens

Digital asset treasury companies have lost roughly $62 billion in fully diluted market value since October, with the cohort's combined valuation falling to about $72 billion from a peak of nearly $134 billion, according to Artemis data.

The drawdown has outpaced Bitcoin itself, which is down about 50% from its October 2025 all-time high of $126,200 to the $63,000 region as of June 5. The divergence reflects the unwinding of the digital-asset treasury, or DAT, premium that drove the sector through 2024 and 2025, Bloomberg reported Friday.

"The selloff in recent weeks could extend, as ETF investors — many sitting on losses — are more likely to reduce exposure than buy the dip," Geoff Kendrick, head of digital assets research at Standard Chartered, said. "Once prices establish a bottom, I expect a recovery through the rest of 2026."

The cracks are now showing at the individual company level. Strategy, the largest corporate Bitcoin holder with more than 843,000 BTC, disclosed its first Bitcoin sale since 2022 earlier this week, offloading 32 BTC for $2.5 million to fund preferred-stock dividend obligations. The company's average cost per coin sits at $75,699, meaning its entire position is underwater at current prices near $62,256. MSTR shares have fallen 67% over the past year and 31% in the past month alone.

Forward Industries, one of the most aggressive Solana-treasury imitators of the Strategy playbook, deposited 455,784 SOL worth $31.87 million to Coinbase Prime on Friday after a month of dormancy, according to onchain tracker Lookonchain. The company's overall SOL position is roughly $1.13 billion underwater at an average cost basis above $230, with Solana trading at $66.51 — a more than 70% paper loss per token.

The DAT premium unravels

The cohort's underperformance relative to Bitcoin signals that the premium investors once assigned to corporate treasury strategies has evaporated. Across the broader group, companies are conducting reverse stock splits, restructuring financing arrangements and issuing fresh preferred securities to stay funded.

U.S. spot Bitcoin ETFs have logged 15 straight sessions of net outflows totaling more than $4.7 billion, removing a key source of demand that supported prices through 2024 and 2025. Total crypto market capitalization has contracted roughly 48% from its peak to about $2.46 trillion, with $1.8 billion in forced liquidations on the worst single day — $1.35 billion of it long positions, the largest single-day flush since February 2026.

Polymarket assigns a 63% probability of MSCI index delisting for Strategy by year-end 2026, which would force passive selling from funds that track the index. Keel Infrastructure, formerly the crypto miner Bitfarms, saw shares fall 8% after pricing an upsized $400 million convertible senior note offering to fund AI infrastructure growth, raising investor concerns about dilution and additional leverage.

The next key level for Bitcoin sits at $60,000, a break of which would put the token back into territory last visited during the February drawdown, with the next technical support closer to $55,000. The mid-June Federal Open Market Committee meeting represents the single most important macro catalyst, with markets expecting no rate cut but watching for any dovish pivot that could remove the pressure driving the sell-off.

This article is for informational purposes only and does not constitute investment advice.