In August and September, Bitcoin rose by nearly 28% and briefly surpassed $80,000, but companies that had used BTC as the foundation of their corporate strategy were unable to replicate this recovery, according to the Fixygen portal.
The combined value of the largest bitcoin treasury companies has fallen by more than $80 billion since last summer.
An unusual situation is emerging: the underlying asset is recovering faster than the companies created almost specifically to gain exposure to it.
The reason is the emergence of ETFs. Previously, buying shares in Strategy or a similar company was one of the easiest ways to gain bitcoin exposure through a regular brokerage account.
Now an investor can simply buy a spot bitcoin ETF. Thus, the spread of regulated ETFs simultaneously helps bitcoin and destroys part of the former investment appeal of bitcoin treasury companies.
