Analyst Darkfost said global Bitcoin treasury companies have seen the market value of their combined holdings fall from $396 billion to $272 billion since October 2025, wiping out more than $100 billion. Over the same period, their Bitcoin holdings increased from 953,000 BTC to 1.14 million BTC, suggesting the drop was driven by Bitcoin’s price decline rather than broad selling.
Darkfost also said accumulation slowed sharply after Bitcoin entered what he described as a significantly undervalued zone in May this year, nearly stalling. The most aggressive buying period for these companies ran from November 2024 to October 2025, when total holdings tripled in less than a year. Their purchases were made in an estimated price range of $75,000 to $125,000, a band that sat near Bitcoin’s historical highs.
The report raised a new concern for the market: whether companies that built large positions near the top could end up selling into weaker conditions. It noted that Strategy has recently begun selling Bitcoin, and said traders are now watching whether other treasury firms follow. With total holdings now at 1.14 million BTC, any forced selling tied to financial pressure could add fresh downside risk to Bitcoin’s price.
On July 11, BlockBeats reported that analyst Darkfost said the total market value of Bitcoin held by global Bitcoin treasury companies has dropped from $396 billion to $272 billion since October 2025, erasing more than $100 billion.
At the same time, the group’s total Bitcoin holdings climbed from 953,000 BTC to 1.14 million BTC. Darkfost said the decline in market value was entirely the result of falling Bitcoin prices, not a reduction in holdings.
Accumulation pace has slowed since May
According to Darkfost, the pace of accumulation by these companies slowed sharply after Bitcoin entered a significantly undervalued zone in May this year, and has nearly stalled.
The heaviest buying period ran from November 2024 to October 2025. During that stretch, total holdings tripled in less than a year. The estimated purchase range was about $75,000 to $125,000, which the report described as being in Bitcoin’s historical high zone.
Attention turns to possible treasury selling
Darkfost raised the question of whether companies that accumulated heavily near the top could sell at lower levels. The report said Strategy has recently started selling Bitcoin, and the market is watching whether other treasury companies could do the same and become a new source of selling pressure.
With total holdings now at 1.14 million BTC, Darkfost said that if more companies are forced to cut positions in a weak market to ease financial pressure, that could create additional downside risk for Bitcoin prices.
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