According to CoinMeta, and as analyzed by the Financial Times, the total market value of the world's top 50 publicly traded companies that focus on Bitcoin as a core strategy (excluding mining companies and exchanges) has plummeted from a peak of approximately $150 billion in July 2025 to around $67 billion at present, a reduction of $80 billion over the past year. Among them, the market value of Strategy ( NASDAQ : MSTR ) has decreased by about $79 billion, accounting for the majority of the overall decline. Of these 50 companies, 43 currently have stock prices below the levels announced when they initially adopted their Bitcoin treasury strategies, and the stock values of most of these companies are now at a discount relative to the net value of their Bitcoin holdings ( mNAV & lt ;1), resulting in the failure of the capital momentum that previously relied on "premium private placements of stocks to increase Bitcoin holdings."