Corporate Bitcoin treasuries hold 1.14M BTC as portfolio value drops by more than $100B

Huoxing Finance reported that on July 11, analyst Darkfost said the combined market value of Bitcoin held by global corporate Bitcoin treasuries has fallen to $272 billion from $396 billion since October 2025, wiping out more than $100 billion. Over the same period, total holdings increased from 953,000 BTC to 1.14 million BTC, suggesting the drawdown was driven by price declines rather than position reductions. Darkfost added that accumulation has slowed sharply since May, when Bitcoin entered what he described as a deeply undervalued zone, with buying activity close to stalling. The most aggressive purchases occurred between November 2024 and October 2025, when holdings nearly tripled in under a year. Estimated purchase prices ranged from about $75,000 to $125,000, near Bitcoin's historical highs. Attention is now turning to whether firms that accumulated near the top could become sellers at current depressed levels. Strategy has recently begun selling Bitcoin, raising the question of whether other corporate treasuries may follow and add a new source of supply. With total corporate holdings at 1.14 million BTC, any forced deleveraging to relieve financial strain could increase downside pressure on Bitcoin's price.