DATA DROP: Bitcoin Fell 49.8%. Public Companies Never Stopped Buying.

Bitcoin peaked at $126,200 on 6 October 2025 and traded at $63,408 on 28 July 2026 — a decline of 49.8%. Yet, public companies still hold more than 1.26 million BTC, and the preferred-share instruments funding them just passed their first test.

Roughly half of all public bitcoin treasury companies fell below 1.0x mNAV over that period, and several liquidated outright. A treasury strategy that only works in a bull market is not a strategy. It is a trade.

Here are three takeaways from the BitcoinTreasuries.net 2026 Corporate Adoption Guide, produced in partnership with BitGo.

1. Every conventional reserve asset lost to the money supply

By 2025, U.S. corporations held well over $4 trillion in liquid assets. Against M2 growth of roughly 6.0–6.1% a year, every conventional treasury asset class delivered negative real returns over the past decade. High-yield bonds came closest at 5.60% nominal — still −0.5% real. Long-duration Treasuries lost the most ground, at −8.4%.

2. Strategy shows both the upside and the drawdown

Strategy holds 843,775 BTC, the largest corporate position globally, and has outperformed every S&P 500 company bar Nvidia since 2020. At $63,408, that same position carried an unrealized loss of roughly $10.18 billion against an average cost basis of about $75,476. The clearest case for a bitcoin treasury is also the clearest case for a policy: a defined allocation band, funding that doesn’t depend on trading above NAV, and dividend coverage that never forces a sale into weakness.

As of 30 June 2026, public companies held about 1.265 million BTC. Net additions have run positive every quarter since 2023, funded increasingly by preferred-share instruments rather than operating cash flow alone.

3. The buying didn't stop

As of 30 June 2026, public companies held about 1.265 million BTC. Net additions have run positive every quarter since 2023, through a 49.8% drawdown, and the buying was funded increasingly by preferred-share instruments rather than operating cash flows alone.

Those instruments were tested in June: STRC and SATA both traded below their $100 par for the first time, STRC briefly touching about $75. Neither issuer missed a dividend, combined volume topped $10 billion for the month, and 84% of readers in our survey said they held through it.

Security is the cornerstone — and it’s where BitGo stands out

The biggest risk in holding bitcoin isn’t price. It’s inadequate custody. Holdings can be lost to human error, hacks, or theft, which makes custody the most critical operational decision in the strategy. Most treasurers partner with a regulated qualified custodian, the same way institutions already hold stocks and bonds.

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For further analysis, or to discuss trends driving your investment or treasury strategy, reach out to our research team at [email protected].

Onward,

The BitcoinTreasuries.net Team