What Happened to Those Public Companies Hoarding Tens of Thousands of BTC?

The structured bonds linked to Strategy stocks, which expired on July 29, only returned about $217 for every $1,000 invested, resulting in a nearly 80% loss.

Written by: Blockchain Knight

A recent liquidation notice from Goldman Sachs has once again put Strategy in the spotlight.

The structured bonds linked to Strategy stocks, which expired on July 29, only returned about $217 for every $1,000 invested, resulting in a nearly 80% loss.

The issue lies in an implicit clause: if the closing price of MSTR falls below 20% of the initial price, holders must bear the full decline from the initial price of $421.74.

Even more concerning, the initial total face value of this bond was only $660,000, and the documents did not disclose how much principal remained unpaid at maturity, meaning the total loss cannot even be calculated.

If Goldman Sachs' bonds are a disaster for investors, Satsuma is a case study of the collapse of the entire treasury model. This UK-listed Bitcoin treasury company had over 90% of its shareholders approve the liquidation of all 668 BTC and delisting.

Its average purchase price for Bitcoin exceeded $113,000, while the trading price in July was below $68,000. Its stock price plummeted from a high of £14 in 2025 to about 21 pence, a decline of over 99%.

Pantera Capital also holds about 6% of the company’s shares and has publicly pressured them to sell Bitcoin and return cash.

Then there are companies that didn’t even make it through the door. BSTR, led by Adam Back, originally planned to go public via a SPAC merger with about 30,000 BTC. However, in early July, the original transaction terms were canceled, the private placement was voided, and investors redeemed their shares.

Industry-wide data further illustrates the problem: since October 2025, the total market value of global Bitcoin treasury (DAT) companies has shrunk from $396 billion to $272 billion, evaporating over $100 billion.

However, during the same period, the total amount of Bitcoin held by these companies increased from 953,000 to 1.14 million, indicating they are still bottom-fishing. As of Q1 this year, about 40% of listed Bitcoin treasury companies are trading below their net asset value.

Faced with difficulties, companies are starting to seek solutions. After not buying Bitcoin for five consecutive weeks, Strategy repurchased about 290,000 shares of STRC preferred stock at an average price of $86.52 last week, investing about $25 million.

At the same time, Strategy increased its dollar reserves from $3.225 billion to a record $3.75 billion to cover about 25 months of preferred stock dividend payments. While repurchasing discounted stocks, they are hoarding cash, which reflects Strategy's predicament.

Twenty One Capital, which holds 43,000 BTC, reported an operating loss of over $10 million and has since replaced its CEO.

In the past two years, the buy-and-hold DAT model relied on two pillars: rising Bitcoin prices and mNAV premium financing, and now both pillars are shaking.

These treasury companies raised only $180 million in May, a staggering 95% drop from $4.4 billion in April.

Some companies are selling Bitcoin to pay off debts, some are liquidating and delisting, and others are attempting to pivot. But regardless of the path chosen, one fact is clear: simply hoarding Bitcoin and telling stories can no longer support the valuation of a public company.

The options ahead are limited: either pivot or liquidate, while