Bitcoin Treasuries are experiencing their first major crisis, with $59 billion in market cap evaporated since the peak of $134 billion reached in fall 2025. Satsuma Technology liquidated 668 BTC, worth $43.5 million, after shareholder approval by over 90 percent, and Jack Mallers stepped down as CEO of Twenty One, whose stock has fallen more than 50 percent since his provocative statements in December. Bitcoin trades around $65,000, down 48 percent from its record high of $126,195, and Strategy, Michael Saylor’s company, trades around $100 versus a 12-month high of $419, having ceased Bitcoin acquisitions since late June.
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