Bitcoin treasury company bubble is deflating. According to @BitboBTC's tracker, there are 43 $BTC treasury companies launched this year that remain public. All are trading below their year-to-date highs, with a median decline of 52.4% from their peaks... 🧵

The majority of these companies (23 out of 43) are trading at least 50% below their year-to-date highs. In total, there are 23 examples of public BTC treasury companies that have halved from their year-to-date high across global stock exchanges.

Cantor Equity Partners exemplifies the carnage. It spiked to $59.75 per share on May 1, soon after announcing the business combination that launched Twenty One, the Bitfinex, Tether, and Jack Mallers-led entity. ⚠️ It’s now trading 52% lower at $28.31 on the Nasdaq

On July 2, Protos asked whether the BTC treasury company bubble had popped. At that time, the mania had already been cooling for weeks, with many companies trading decidedly lower than their initial days on public markets. More ⤵️

Weeks later, additional data show things didn’t get any better. This number of new listings in 2025 is conservative compared to other trackers, yet Bitbo’s 43 treasury companies provide a decent sample across the world’s 78 stock exchanges ⤵️