Bitcoin News
By James Thorp
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How the Model Actually Works — and Breaks. Mark Palmer at StoneX laid out the mechanics clearly.
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Strategy's Edge and Everyone Else's Problem. Not every firm has the storytelling firepower to hold investor confidence through a downturn.
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The Simpler Options Still Standing. Direct Bitcoin purchases and spot Bitcoin ETFs are still there for anyone who doesn't want to deal…
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Bitcoin treasury firms have lost $83 billion in market value since July 2025. That's not a rounding error. That's a collapse.
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The drop hit the top 50 Bitcoin treasury companies hardest, and it came fast once enthusiasm cooled and the financing window started closing.
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Mark Palmer at StoneX laid out the mechanics clearly. The goal is to grow Bitcoin backing per share faster than shareholder dilution eats into it.
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Palmer's key metric is Bitcoin per fully diluted share, net of debt and preferred stock claims. That's the number investors need to watch, not the headline Bitcoin holdings figure.
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When Bitcoin prices were surging, firms like Strategy rode that wave hard — issuing new debt, selling new shares, stacking more Bitcoin, repeat.
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Metaplanet is a case in point. The Japanese treasury firm faced real shareholder backlash over what investors saw as excessive dilution.
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Related: Bitcoin ETF Investors Withdraw $450 Million as CLARITY Act Fails in Senate
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Nakamoto Inc and Satsuma Technology are the cautionary tales here. Both saw dramatic stock price declines after hitting peak valuations.
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McCarthy — the source didn't specify a full title — put forward a reasonable middle path for investors thinking about this space. Favor ETFs for the core Bitcoin exposure.
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More context: Bitcoin Stays Steady at $76,200 After Feds First Rate Hike Since July 2023
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That's probably the right call for most retail investors. Treasury firms can deliver outsized returns — Strategy's track record during the bull market is hard to argue with — but…
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Palmer's metric stays the clearest guide: Bitcoin per fully diluted share, net of all claims. If that number is growing, the firm is doing its job.
The Currency Analytics
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