Blockchain Report on Nostr: FT analysis reveals that the market capitalization of the top 50 publicly traded ...

FT analysis reveals that the market capitalization of the top 50 publicly traded companies holding Bitcoin has plummeted by approximately $80 billion over the past year. These companies, whose core strategy revolves around Bitcoin treasury holdings and exclude miners and exchanges, saw their combined market value fall from a peak of roughly $150 billion in July 2025 to the current $67 billion. MicroStrategy (NASDAQ: MSTR) accounted for a significant portion of this decline, with its market capitalization shedding approximately $79 billion from its high. The report further indicates that 43 out of the 50 companies now trade below the price at which they initially announced their Bitcoin treasury strategy. A majority of these firms are experiencing a discount to their net asset value (mNAV), which has disrupted the capital flywheel strategy of issuing equity at a premium to acquire more Bitcoin.

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