Bitcoin Treasury Firms Lose $62 Billion in Value as Crypto Slide Cuts Market Cap to $72 Billion
Updated
Updated · Bloomberg · Jun 5
Bitcoin Treasury Firms Lose $62 Billion in Value as Crypto Slide Cuts Market Cap to $72 Billion
3 articles · Updated · Bloomberg · Jun 5
Summary
$62 billion has been wiped from the fully diluted market value of publicly traded Bitcoin treasury firms, which fell to about $72 billion from nearly $134 billion at their early-October peak.
Bitcoin’s drop this week deepened pressure on the companies, whose shares have kept sliding with the broader crypto downturn.
Dozens of these treasury stocks have fallen even more sharply than the cryptocurrencies they were set up to hold for investors, exposing the leverage and sentiment risk in the model.
The selloff is hitting one of the crypto boom’s most aggressive experiments: listed companies built primarily to accumulate digital assets on behalf of shareholders.