Those publicly listed companies that followed Michael Saylor’s playbook aren’t having a great time lately.

The data speaks for itself: from the start of 2025 until now, the group of North American public companies stockpiling Bitcoin as treasury assets have seen their median share price slashed by 43%. That drop is far steeper than the broader market—clearly, the market is voting with its feet and starting to question the “fill the corporate balance sheet with BTC” strategy.

What’s the issue? High leverage is one factor, and recent changes to accounting standards have dealt these companies another blow. The companies that leveraged this narrative to boost valuations during the bull market are now seeing their paper losses magnified in plain sight.

To be honest, this downturn has exposed more than just operational problems at a few companies. It’s popped a bigger bubble: how long can the strategy of using Bitcoin as a strategic reserve last when the fundamentals aren’t solid? The companies that only tell stories without much real business support are the first to be exposed when the tide goes out.

Traders need to reassess—those assets tied to the “Bitcoin hoarding” narrative may need a complete rethink in terms of valuation logic.