Retail investors lost an estimated $17 billion due to exposure to Bitcoin treasury companies. Losses reflect declining enthusiasm for Digital Asset Treasury Companies (DATCOs). Companies like MicroStrategy and Metaplanet saw stock tumbles with Bitcoin’s price slump. Investors overpaid by $20 billion through equity premiums for Bitcoin exposure.

Global companies raised over $86 billion in 2025 to buy cryptocurrencies, surpassing total US IPOs. Bitcoin-linked equities performance lagged behind the market. Strategy’s (MicroStrategy) MSTR stock fell over 20%, while Tokyo-based Metaplanet lost over 60% of its value. NAV premiums collapsed, leaving investors at a loss.

Nearly one-fifth of listed Bitcoin treasury firms trade below net asset value. Bitcoin hit a record high above $126,000 before pulling back due to President Trump’s tariff threats. Brian Brookshire of H100 Group AB stated mNAV ratios are cyclical and do not reflect long-term value. 10X Research marks the end of financial alchemy for Bitcoin treasuries.

Analysts at 10X Research stated that Bitcoin treasuries will now be judged by earnings discipline rather than market euphoria. With volatility falling, firms face a hard pivot from marketing-driven momentum to real market discipline. The next phase will be about generating alpha when the audience stops believing.

Read more at Yahoo Finance: How Bitcoin Hype Left Retail Buyers $17 Billion Poorer