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Home»Bitcoin»The $17 Billion Bitcoin Illusion – How Private Holders Paid for Corporate Innovation
Bitcoin

The $17 Billion Bitcoin Illusion – How Private Holders Paid for Corporate Innovation

2025-10-19No Comments3 Mins Read
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Key Takeaways

Who bore the brunt of the Bitcoin DAT bubble burst?

Retail investors, who lost an estimated $17 billion after buying shares in MSTR, Metaplanet and other Bitcoin DAT companies at high prices.

What is the broader impact on BTC government bonds?

Overvalued DATs labeled as “bubbles” are beginning to burst, putting Bitcoin’s institutional credibility at risk.


On paper, more and more companies are adding Bitcoin [BTC] to their government bonds seems like a big win for investors, showing that BTC is being taken seriously by institutions as a ‘store of value’.

As evidence, Bitwise used hard data to highlight this trend.

During the third quarter, the number of corporate Bitcoin holders rose 38% to 172, as 48 new companies joined the club. Together, these companies purchased 176,000 BTC, bringing the total company stock to just over 1 million BTC.

Strategy guides corporate holdings

Bitcoin treasuriesBitcoin treasuries

Source: BitcoinTreasuries.net

Focusing on the top holders, Strategy [MSTR] stood out, with over 640,000 BTC in the treasury. Technically, that’s almost 13 times the size of MARA Holdings [MARA]the second largest business owner.

On paper, MSTR’s Bitcoin-focused strategy seemed to have done this performance delivered which even exceeds the “Magnificent 7” stocks in terms of annualized returnswhich highlights the effectiveness of its corporate treasury approach.

That said, some analysts are cautious.

Tom Lee, Chairman of BitMine, warned that the growing bubble in DATs (Digital Asset Treasuries) ‘may have already burst’. If so, could Bitcoin’s greatest institutional dream now be heading towards its greatest nightmare?

$17 billion in losses shines a spotlight on Bitcoin’s DAT fragility

Is the Era of Financial Magic Ending for Bitcoin Treasury Companies?

See also  Mayor Eric Adams: 'If you are in Crypto, New York City is open to business'

According to a recent report from 10x Researchreality can be more difficult than most investors think.

Specifically, retail investors have collectively lost an estimated $17 billion by gaining exposure to BTC through DAT companies.

The report highlighted how these companies sold shares at premiums.

For example, investors who bought into MSTR or Metaplanet at high premiums lost money when stock prices fell, leading to large losses for retail investors.

DAT cycleDAT cycle

Source: 10x Research

As the chart showed, Metaplanet looked very profitable on paper during the boom phase, as its shares sold well above the actual value of the Bitcoin it held, and investor hype drove buying at high prices.

However, when the bust hit, stock prices corrected sharply and the net asset value (NAV) of these government bonds fell, causing investors to faced with real losses instead of the inflated profits they expected.

So while managers walked away with the profits, investors suffered.

Overall, these overvalued DATs, labeled as “bubbles,” have begun to burst, putting BTC’s institutional credibility at risk. Investors are now reconsidering their exposure to them, marking the potential start of their decline.

Next: ‘Most worthless crypto ever’? The CIO’s jab at UNI is meeting signs of silent accumulation

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