Between October 2025 and mid-2026, Bitcoin experienced a 54% decline, falling from a peak of over $126,000 to a range between $57,800 and $60,000. Despite this volatility, major corporate holders of Bitcoin did not face forced liquidations of their holdings.
Strategy, formerly known as MicroStrategy, maintains hundreds of thousands of BTC. The company holds cash reserves of approximately $6.7 billion against convertible debt obligations of about $6.75 billion, allowing it to avoid forced sales. The CEO stated that the firm's effective liquidation price is zero.
While some large treasury holders encountered collateral maintenance calls in early 2026, they avoided margin-driven liquidations. Conversely, smaller firms without significant cash reserves occasionally conducted voluntary sales to fund operations or pay dividends.
The combined market capitalization of the 50 largest Bitcoin treasury companies dropped from approximately $150 billion in mid-2025 to roughly $67 billion by late August 2026, reflecting a 55% decline. By early September 2026, Bitcoin recovered to the $78,000 to $80,000 range.
Unlike the 2022 market downturn, which saw the collapse of overleveraged entities like Celsius and Three Arrows Capital, the current cycle for corporate treasury holders remained stable. These companies typically hold Bitcoin directly on their balance sheets, funded by equity or long-term debt, rather than using leveraged futures.
