Shares of Bitcoin treasury companies, including Sequans Communications, Metaplanet, and Strategy, have collapsed by approximately 75% from their peak in late June 2025, driven by a sharp decline in institutional buying activity and concerns over inflated premiums to net asset value (NAV).
Key affected firms: Metaplanet saw a 62% drop from its all-time high of 1,930 Japanese yen, while Strategy declined by 28% from its July peak of $458. Sequans, which raised $384 million in Bitcoin accumulation efforts, was also heavily impacted. Smaller players like Blockchain Group SA faced similar downturns.
André Dragosch, Head of Research at Bitwise, stated, "The massive plunge has been mostly driven by substantially reduced institutional buying activity as well as persistent concerns about inflated premiums to NAV." Ben Werkman, CIO of Swan Bitcoin, highlighted a shift in investor focus towards companies with high Bitcoin yield potential.
Market reactions include decreased stock premiums and loss of confidence, though other crypto markets remain largely unaffected. Analysts predict continued volatility and potential regulatory scrutiny if declines persist, with historical trends showing a direct correlation between Bitcoin price movements and treasury stock values.
