Bitcoin treasury stock volume collapses 49% to $17B daily average

The stocks that were supposed to be “Bitcoin with leverage” are losing their audience. Daily trading volume across publicly listed Bitcoin treasury companies has cratered to $17.4 billion, down 49% from the $34.2 billion daily average recorded in December 2025, according to data from Glassnode.

The numbers behind the exodus

The 30-day simple moving average tells a clean story. In December 2025, Bitcoin treasury stocks were pulling in $34.2 billion per day in trading volume. By mid-June 2026, that figure had shrunk to $17.4 billion. Approximately 199 public companies currently hold a combined total of over 1.26 million BTC on their balance sheets.

Bitcoin has been trading relatively stable in the $62,000 to $64,000 range during this period. The price is holding. The speculative fervor around the stocks that hold it is not.

One of the clearest examples of the shifting landscape comes from Nakamoto Holdings. The company recently sold approximately 600 BTC for $48 million, directing $45 million of those proceeds toward reducing its debt to Kraken. After the sale, Nakamoto still holds 4,467 BTC.

Why the rotation is happening

The thesis behind Bitcoin treasury stocks was straightforward. Companies like Strategy (formerly MicroStrategy), Japan’s Metaplanet, and Nakamoto Holdings offered investors a way to get leveraged Bitcoin exposure through traditional equity markets. Reports from late 2025 indicated that many of these treasury firms had been underperforming relative to Bitcoin itself.

The rise of Bitcoin ETFs has also created a more convenient alternative. ETFs offer direct price exposure without the corporate governance risk, without the dilution from equity issuance, and without wondering whether management is going to sell 600 BTC to pay off a loan.

What this means for investors

The competitive landscape among treasury companies is also shifting. Nakamoto Holdings’ decision to sell BTC and reduce debt suggests that not every firm in this space has the balance sheet strength to simply hold through a downturn. Strategy, which remains the largest corporate Bitcoin holder, has the scale and brand recognition to weather volume declines more comfortably than smaller players. Metaplanet operates in a different regulatory and investor environment in Japan.

The risk scenario worth monitoring is whether declining equity volumes lead to forced selling. If treasury companies need to raise cash through Bitcoin sales, and multiple firms do so simultaneously, that selling pressure could impact Bitcoin’s spot price, even if the current $62,000 to $64,000 range looks stable for now. With 199 companies holding over 1.26 million BTC collectively, the potential for coordinated selling pressure is not trivial.

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