How Bitcoin Hype Left Retail Buyers $17 Billion Poorer

Core Insights - Retail investors have collectively lost approximately $17 billion due to their investments in Bitcoin treasury companies, reflecting a decline in enthusiasm for Digital Asset Treasury Companies (DATCOs) [1][2][3] - The strategy of investing in DATCOs, which typically issue shares at a premium to their Bitcoin holdings, has backfired as market sentiment cooled and Bitcoin's price momentum faded [3][6] Company Performance - MicroStrategy's stock has decreased by over 20% since August, while Metaplanet has lost more than 60% of its value during the same period [5] - The market-to-net-asset-value (mNAV) ratios of these companies have deteriorated, with MicroStrategy trading around 1.4 times its Bitcoin holdings and Metaplanet slipping below 1.0 for the first time since adopting its Bitcoin treasury model in 2024 [6][7] Market Context - Despite a significant inflow of over $86 billion raised by global companies in 2025 for cryptocurrency purchases, Bitcoin-linked equities have underperformed compared to the broader market [4] - Nearly one-fifth of all listed Bitcoin treasury firms are trading below their net asset value, indicating a stark contrast to Bitcoin's recent peak above $126,000 [8]