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Bitcoin's 50% drop causes huge losses for crypto treasury firms like MSTR, BMNR, and BSTR.

Market News
22 Jul 2026
Benzinga
View Source
Bearish
pluang ai news

Bitcoin has fallen 50% from its October peak, causing tens of billions in unrealized losses for crypto treasury companies such as Strategy Inc. (MSTR) and BitMine Immersion Technologies (BMNR). While some firms like Hyperliquid Strategies have gains, most have suffered significant declines. The SPAC model for these companies has struggled, with deals being scrapped or performing poorly. This model amplifies Bitcoin's price swings, benefiting in bull markets but causing heavy losses in bear markets. The current Bitcoin price around $66,000 makes profitable arbitrage difficult, impacting investor returns and market sentiment.

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