Analyst Darkfost said the total market value of Bitcoin held by global corporate treasury firms has fallen from $396 billion to $272 billion since October 2025, wiping out more than $100 billion in value. At the same time, the group’s combined Bitcoin holdings increased from 953,000 BTC to 1.14 million BTC, indicating that the decline in portfolio value came from a drop in Bitcoin’s price rather than from net selling.
According to Darkfost, the pace of accumulation slowed sharply after Bitcoin entered what he described as a significantly undervalued zone in May this year, nearly stalling. He said the heaviest buying period ran from November 2024 to October 2025, when treasury firms roughly tripled their holdings in less than a year, with most purchases made in a $75,000 to $125,000 range near Bitcoin’s historical highs.
Darkfost also raised the question of whether companies that built large positions at elevated prices could end up selling into weakness. He noted that Strategy has already started selling Bitcoin. If other treasury firms follow and cut positions to ease financial pressure during a weak market, he said the sector’s current 1.14 million BTC holdings could become an added source of downside pressure on price.
Holdings value fell as Bitcoin price dropped
According to ChainCatcher, analyst Darkfost said the total market value of Bitcoin held by global Bitcoin treasury companies has fallen from $396 billion to $272 billion since October 2025, erasing more than $100 billion.
Over the same period, their combined Bitcoin holdings rose from 953,000 BTC to 1.14 million BTC. In his view, that means the decline in market value was driven entirely by Bitcoin’s price drop rather than by companies reducing their holdings.
Accumulation nearly stalled after May
Darkfost said the pace of accumulation slowed sharply after Bitcoin entered a significantly undervalued zone in May this year and has nearly stalled.
He added that the most concentrated buying period came between November 2024 and October 2025. During that stretch, treasury firms roughly tripled their holdings in less than a year, with purchases made in an estimated $75,000 to $125,000 range, an area near Bitcoin’s historical highs.
Attention turns to possible selling pressure
Darkfost said the key question now is whether companies that accumulated heavily near the top will sell at lower levels.
He noted that Strategy has already begun selling Bitcoin. If other treasury firms follow and reduce positions to relieve financial pressure in a weak market, the current total of 1.14 million BTC could become a fresh source of downward pressure on Bitcoin’s price.
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