Bitcoin treasury companies just watched $62 billion in shareholder value vanish. The combined market cap of these firms dropped from $134 billion to roughly $72 billion as Bitcoin trades around $60,000 to $63,000.
Strategy Inc., previously MicroStrategy, saw its market cap crater from $102.2 billion to $45.6 billion-a 55% decline. The company holds over 843,700 BTC at an average cost of $75,699 per coin, leaving its entire stash underwater.
Notably, between May 26 and May 31, Strategy sold 32 BTC, its first Bitcoin sale since 2022, to cover dividend payments. Tesla and Marathon Digital also contributed to the aggregate losses.
Spot Bitcoin ETFs experienced eleven consecutive days of massive outflows, adding selling pressure. Strategy's 55% decline versus Bitcoin's smaller drop shows the leverage embedded in these positions, often financed through convertible notes and equity offerings.
If Bitcoin stays depressed, companies with debt and dividend commitments may need to sell more. Investors should watch for continued sales and ETF flow stabilization.