Analyst Darkfost said the combined market value of Bitcoin held by global corporate treasury companies has fallen from $396 billion to $272 billion since October 2025, wiping out more than $100 billion on paper. Over the same period, their aggregate Bitcoin holdings rose from 953,000 BTC to 1.14 million BTC, indicating that the drop came from falling prices rather than net selling.
Darkfost also said accumulation has slowed sharply since May this year, when Bitcoin entered what he described as a significantly undervalued zone. He noted that the heaviest buying period ran from November 2024 to October 2025, during which total holdings nearly tripled in less than a year. The reported purchase range was about $75,000 to $125,000, a band near Bitcoin’s historical highs.
The latest concern, according to the analyst, is whether companies that built large positions near the top could begin selling at lower levels. Strategy has already started selling Bitcoin recently. If other treasury firms follow and trim positions to ease financial pressure during a weak market, Darkfost said the current total of 1.14 million BTC could become a new source of downside pressure on price.
Holdings value drops while BTC balances keep rising
According to ChainCatcher, analyst Darkfost said the total market value of Bitcoin held by global corporate treasury companies has fallen from $396 billion to $272 billion since October 2025, erasing more than $100 billion.
At the same time, the total amount of Bitcoin held by those companies increased from 953,000 BTC to 1.14 million BTC. In his view, the decline in value was driven entirely by Bitcoin’s price drop rather than by reductions in holdings.
Accumulation slowed sharply after May
Darkfost said buying activity slowed dramatically after Bitcoin entered a significantly undervalued zone in May this year, with accumulation nearly stalling.
The most concentrated buying period ran from November 2024 to October 2025. During that stretch, total holdings nearly tripled in less than a year, with purchases made in an estimated price range of $75,000 to $125,000, an area near Bitcoin’s historical highs.
Attention turns to possible selling pressure
Darkfost said the key question now is whether companies that built large positions near the top will sell at lower levels. Strategy has already begun selling Bitcoin recently, raising the question of whether other treasury firms may do the same.
Based on the current total of 1.14 million BTC, he said more forced position cuts by treasury companies seeking to ease financial pressure in a weak market could add downside risk to Bitcoin’s price.
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