DATA DROP: The 2026 Bitcoin Treasury Stress Test Results Are In

The BitcoinTreasuries.net 2026 Corporate Adoption Guide, produced in partnership with BitGo, is now available.

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

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. 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.

BitGo has provided institutional digital-asset custody since 2013. Three recent developments are directly relevant to a treasurer’s diligence:

• Federally chartered national trust bank — OCC-approved on 12 December 2025 as BitGo Bank & Trust, National Association.

• Public company — listed on the NYSE as BTGO on 22 January 2026, pricing at $18 per share and raising $212.8 million at a valuation of roughly $2 billion.

• Scale and oversight — about $104 billion in assets under custody as of 30 September 2025, up 96% year over year, with oversight from more than 50 U.S. federal, state, and foreign regulators. SOC 1 Type II and SOC 2 Type II audits, up to $250 million of insurance, and MPC-based key management with segregated custody.

“BitGo has invested the time and energy to bring the best financial tools from mainstream treasury management to digital currency, and it shows in the quality of their products and services.” — Nejc Kodrič, Co-Founder, Bitstamp

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