'Deploying More Capital — Steady Lads': Bitcoin Treasury Companies Struggle to Halt Plunge

Why It Matters

The rout underscores fading retail appetite for this business model, heightens regulatory and market‑liquidity risks, and raises questions about whether any firms can replicate MicroStrategy’s long-term success.

Summary

Public companies that hold bitcoin as their treasury asset have seen steep share-price collapses, driven partly by an 11-day bitcoin drop from a Oct. 3 peak above $126,000 to about $106,801.68 and by preexisting investor skepticism. Selected bitcoin-treasury companies have posted three-month losses ranging roughly 38% to 94%, leaving some stocks below $1 and at risk of Nasdaq delisting while executives take to social media to defend their strategies. The rout underscores fading retail appetite for this business model, heightens regulatory and market‑liquidity risks, and raises questions about whether any firms can replicate MicroStrategy’s long-term success.