Trading Volume in Bitcoin Treasury Stocks Halves to About $17B a Day
The trade in publicly listed companies that market themselves as leveraged Bitcoin proxies is cooling. Daily turnover across Bitcoin treasury stocks has fallen to $17.4 billion, down 49% from the $34.2 billion daily average seen in December 2025, according to Glassnode.
A 30-day simple moving average shows the shift clearly. Volume averaged $34.2 billion per day in December 2025. By mid-June 2026, it had dropped to $17.4 billion.
Roughly 199 public companies now hold more than 1.26 million BTC combined on their balance sheets. Over the same period, Bitcoin has traded in a relatively tight $62,000–$64,000 range. The price has been steady; demand for the equity wrappers has not.
Nakamoto Holdings illustrates the change in positioning. The company recently sold about 600 BTC for $48 million and used $45 million of the proceeds to reduce debt owed to Kraken. It still holds 4,467 BTC after the sale.
The original appeal of Bitcoin treasury stocks was simple: firms such as Strategy (formerly MicroStrategy), Japan’s Metaplanet, and Nakamoto Holdings offered a way to gain leveraged Bitcoin exposure through traditional equity markets. Late-2025 reports suggested many of these treasury names were underperforming Bitcoin itself.
Bitcoin ETFs have also strengthened the alternatives for investors. ETFs provide direct price exposure without corporate governance risk, without dilution from equity issuance, and without uncertainty over whether management will sell holdings—such as 600 BTC—to pay down a loan.
For investors, the pecking order among treasury firms is becoming more important. Nakamoto Holdings’ decision to sell BTC and cut debt highlights that some players may not have the balance sheet capacity to hold through stress. Strategy, as the largest corporate Bitcoin holder, has more scale and brand recognition to absorb volume declines than smaller peers. Metaplanet operates under a different regulatory and investor backdrop in Japan.
A key risk to watch is whether declining equity liquidity triggers forced selling. If multiple treasury companies raise cash by selling Bitcoin at the same time, the combined flow could pressure spot prices even if Bitcoin remains range-bound for now. With 199 companies holding more than 1.26 million BTC in total, the potential for coordinated selling pressure is meaningful.
