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Bitcoin treasury companies have lost about $62 billion in fully diluted market value since early October. Their combined valuation has fallen to roughly $72 billion from a peak near $134 billion. The pullback has moved faster than Bitcoin itself. At the same time, the sector is showing strain through sales, restructuring, and fresh funding moves.
Artemis data shows the sharpest damage has hit the digital-asset treasury, or DAT, premium. That premium helped lift the sector through 2024 and 2025.
Now the gap is closing quickly. Bitcoin has fallen about half from its October high, yet treasury companies have dropped even harder. Strategy made its first Bitcoin sale since 2022 earlier this week. The company sold 32 BTC to meet preferred-stock dividend obligations.
Forward Industries also moved under pressure. The Solana Treasury Company deposited 455,784 SOL worth $31.87 million to Coinbase Prime after a month of no activity. Its SOL position now sits about $1.13 billion underwater. The average cost basis stands above $230.
Across the sector, companies are also using reverse stock splits, restructuring financing deals, and issuing new preferred securities to stay funded.
Bitcoin traded a little above $62,000, or about $2,700 above the $60,000 level. That round number now sits as the next clear test. The asset has fallen nearly 16% from last week’s levels above $74,000. Most of that damage came during the past three sessions as the AI trade weakened globally.
A break below $60,000 would return Bitcoin to the territory last seen during the February drawdown. The next support level sits closer to $55,000. The market has also lost important support from U.S. spot Bitcoin ETFs. Those funds have posted 15 straight sessions of net outflows, totaling more than $4.7 billion.
Meanwhile, Russia is moving toward tighter rules for retail crypto access. Bitcoin, Ethereum, and USDT could become the only digital assets available to most retail investors. Russian Central Bank First Deputy Governor Vladimir Chistyukhin confirmed that the regulator does not plan to expand the list beyond those three assets.
The proposal sits inside the country’s upcoming law, “On Digital Currency and Digital Rights.” It is expected to take effect by July 1, 2026. As drafted, the framework would make it harder for non-qualified investors to buy Solana, XRP, Cardano, and other altcoins. Chistyukhin described cryptocurrencies as highly volatile and risky instruments.
Read More: Bitcoin ETF Outflows Deepen as Crypto Funds Face Broad Redemptions
Arthur Hayes also moved quickly after a separate market shock. The Maelstrom founder said on X that he sold his entire Zcash position after reading about an exploit affecting Zcash’s Orchard shielded pool. He said the risk of improper minting looked very low. Even so, he said the issue could not be cryptographically ruled out. He added that the privacy case “demands perfection, not improbability.”
Hayes said a 30% drop in ZEC over 24 hours pushed him to exit the position rather than wait.
Bitcoin treasury companies have lost about $62 billion in market value as Bitcoin prices declined and ETF outflows continued. At the same time, firms are restructuring finances while Russia moves to restrict retail access to most cryptocurrencies. Market participants now face a period of increased pressure and closer regulatory scrutiny.
