Between October 2025 and mid-2026, Bitcoin lost 54% of its value, dropping from its all-time high above $126,000 to lows around $57,800 to $60,000. During this major correction, not one major Bitcoin treasury company faced forced margin-driven sell-offs. Strategy, formerly MicroStrategy, exemplified this resilience with approximately $6.7 billion in cash reserves against $6.75 billion in convertible debt obligations, bringing its effective liquidation price to zero. The 50 largest Bitcoin treasury companies saw their combined market capitalization fall from $150 billion to $67 billion, a 55% decline. By September 2026, Bitcoin had recovered to the $78,000-$80,000 range, and this episode validated that properly structured corporate Bitcoin holdings can withstand severe volatility.
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