Companies that built their investment strategies around accumulating Bitcoin have lost over $80 billion in market capitalization since this model peaked in popularity in the summer of 2025.
According to Financial Times calculations, the combined market capitalization of the 50 largest Bitcoin treasury companies fell from approximately $150 billion in July 2025 to $67 billion in August 2026.
The model gained popularity thanks to Michael Saylor’s Strategy. Companies issued stocks or debt securities, used the raised funds to buy Bitcoin, and expected the market to value them higher than the cost of the cryptocurrency on their balance sheets.
As long as Bitcoin was rising, this scheme allowed companies to raise new capital in a virtually endless cycle. But BTC’s drop of about 30% from its October 2025 high disrupted the mechanism.
According to the FT, the shares of 35 companies in the group studied lost more than half their value. Some market participants have already begun selling part of their crypto reserves to service their debts.
In effect, the market has stopped automatically paying a premium simply for having Bitcoin on a company’s balance sheet. Investors are now much more closely scrutinizing a company’s debt, the cost of raising capital, and the business’s ability to fund payments without selling cryptocurrency.
Zlata Estate became the largest among Ukrainian companies with jewelry-related KEVD codes that published financial statements for 2025, with revenue of 1.261 billion UAH, according to an Opendatabot study and its analysis by Experts Club dated August 17, 2026.
Resurs+ took second place with revenue of 1.019 billion UAH, while Weiss King came in third with 955.4 million UAH.
Amadeo, the official distributor of Pandora in Ukraine, generated 830.4 million UAH in revenue and ranked fourth. Rounding out the top five is “Opti Gold” with 620.4 million UAH.
Overall, the top 10 jewelry companies in Ukraine by revenue for 2025 are as follows:
“Zlata Estate” — 1.261 billion UAH
“Resurs+” — 1.019 billion UAH
“Weiss King” — 955.4 million UAH
“Amadeo” — 830.4 million UAH
“Opti Gold” — 620.4 million UAH
“Golden Hit” — 618.3 million UAH
“Parity+” — 608.5 million UAH
“Silver Tears” — 586.3 million UAH
“Silver Spectrum” — 471.1 million UAH
“Kipsayk” — 445.1 million UAH.
The combined revenue of the top five companies alone exceeded 4.68 billion UAH.
However, Opendatabot cautions that the ranking does not provide a complete picture of Ukraine’s jewelry market. Of the 1,282 active companies with the relevant KVED codes, only 358—less than one-third—submitted financial statements for 2025. Therefore, the ranking presented reflects the performance of companies for which financial data is available, rather than that of all industry participants.
In total, as of the end of July, there were 7,865 jewelry businesses in Ukraine, including 1,282 companies and 6,583 sole proprietorships.
Kyiv ranked first among Ukraine’s regions in terms of net growth in the number of companies in the first half of 2026, according to Opendatabot, citing data from the Unified State Register.
The number of legal entities in the capital increased by 5,338 thousand over the six-month period. Thus, Kyiv accounted for over 40% of the total net increase in companies in Ukraine, which amounted to 13,195 thousand.
Lviv Oblast took second place with an increase of 1,220 thousand companies, while Dnipropetrovsk Oblast came in third, where the number of legal entities rose by 1,177 thousand.
An increase in the number of companies was recorded in 23 regions of Ukraine, while a decrease was observed in four.
The largest decreases were observed in regions near the front lines. In the Donetsk region, the number of companies decreased by 157, and in the Luhansk region, by 73.
Among the largest companies by revenue that have ceased operations or are in the process of liquidation, “PromoFly” leads the list with revenue of 3 billion UAH for 2025. The company is undergoing bankruptcy proceedings.
Next are “Vasaris-K” and “Volynmet,” each with revenue of 1.8 billion UAH. Both companies are also undergoing bankruptcy proceedings.
The top ten companies in the process of dissolution also include “Power UA,” “Luminovik Group,” “Grovbudgroup,” “Merezha-Service Lviv,” “Intropack Plus,” “Volt Age Plus,” and “Proteya-K.” All of them were in the process of liquidation at the time this study was prepared.
In Ukraine, 19,758 thousand new companies were registered from January through June 2026, an 8% increase compared to the same period last year, according to Opendatabot, citing data from the Unified State Register.
The number of newly established legal entities was the highest in the last three years. In the first half of 2025, 18,277 thousand companies were registered in Ukraine, compared to 18,414 thousand during the corresponding period in 2024.
At the same time, the number of business closures increased. Over the six-month period, 6,563 thousand companies were dissolved or began the dissolution process—a 28% increase compared to January–June 2025.
The net increase in the number of legal entities in the first half of the year was 13,195 thousand companies.
The dissolution statistics include companies with the statuses “Dissolved” and “In the process of dissolution.” However, companies for which the procedure has not yet been completed may subsequently regain their registered status.
The most common reason for dissolution was liquidation—3,479 thousand cases, or more than half of the total. As a result of reorganization, 1,410 thousand companies ceased operations, and 651 companies were dissolved due to bankruptcy proceedings.
Another 574 companies were dissolved based on court decisions unrelated to bankruptcy. In 440 cases, the reason for dissolution was not specified.
92% of American Chamber of Commerce member companies in Ukraine continue to operate at full capacity after more than four years of full-scale war, according to the results of the “Doing Business in Wartime Ukraine” survey conducted by AmCham Ukraine in partnership with Citi Ukraine.
According to the study, nearly 70% of the companies that participated in the survey have been operating in Ukraine for more than 20 years. AmCham believes this demonstrates the resilience of these businesses and their long-term commitment to the Ukrainian market.
Despite the risks posed by the war, 87% of companies reported that their financial results in the second quarter of 2026 remained the same or improved compared to the second quarter of 2025. Only 13% of respondents reported a decline in performance.
Compared to 2021, before the war, nearly two-thirds of companies—63%—reported that their financial results remained stable or improved. At the same time, 37% of companies are still operating below pre-war levels.
Investment plans also remain stable: 87% of companies stated that their investments in Ukraine in 2026 will remain unchanged or increase compared to 2025. Of these, 54% plan to maintain their investment levels, while 33% plan to increase them.
The war continues to directly impact business. 47% of companies reported that their factories, production facilities, warehouses, offices, or other sites were damaged during the war. Among the affected companies, 46% have already fully restored their damaged assets, while 39% have completed partial repairs.
Half of the surveyed companies reported cases of employees being injured as a result of the war, and 37% reported employee fatalities. At the same time, 87% of companies have employees who are currently serving in the Armed Forces of Ukraine, and 60% are already hiring veterans.
71% of companies have already implemented, are developing, or have begun to roll out support and reintegration programs for veterans following demobilization. Specifically, 24% of companies have comprehensive policies for reintegrating veterans into the workforce, 20% are developing such policies, and 27% have already introduced initial support measures.
The main challenges for businesses remain employee safety (82%), issues related to mobilization and reserving employees (71%), and the threat of Russian missile attacks on critical infrastructure and business assets (63%). Among other challenges, companies cited the health and mental well-being of employees—50%—as well as attracting and retaining qualified personnel—44%.
At the same time, most companies do not plan to fill staffing shortages on a large scale with foreign workers. 63% of respondents stated that they are not considering hiring non-Ukrainian employees to address staffing issues, 25% are undecided, and only 12% are actively considering this option.
According to the business community, Ukraine will remain a stable but unpredictable market in 2026. This view is shared by 45% of respondents. Another 21% view Ukraine as one of the most promising markets for future growth in Europe, 18% consider it primarily a high-risk market focused on survival, and 16% see it as a market preparing for recovery.
Fifty percent of companies expect Ukraine’s economic recovery to become clearly visible 2–3 years after the end of the war. Another 18% believe that a gradual recovery is already underway, 16% see 2026–2027 as a possible turning point toward growth, and 16% believe that the recovery has not yet begun.
Respondents identified defense and military tech (78%), infrastructure and construction (71%), energy and distributed generation (50%), and agriculture and food processing (45%) as the key sectors for post-war recovery.
Companies consider Ukraine’s long-term growth potential to be the main factor driving investment attractiveness. 76% of respondents cited the vast opportunities for reconstruction and post-war economic growth as the primary driver of investment, 49% cited Ukraine’s path toward EU accession and integration into the European market, and 39% cited the potential of the defense and military tech sector.
Among the main barriers to business participation in reconstruction projects, respondents cited the security of reconstruction sites (56%), a lack of information and transparency regarding projects (55%), and an unclear legal and tender framework (55%).
The business community also outlined priorities for the government for 2026. Eighty percent of companies cited support for the rule of law, the fight against corruption, and genuine judicial reform as the top priority. Fifty-five percent pointed to the need to strengthen national security, defense, and demining efforts, while 44% emphasized the need for predictability and stability in tax legislation.
The “Doing Business in Wartime Ukraine” survey was conducted by AmCham Ukraine and Citi Ukraine from May 21 to June 16, 2026. It included 112 executives from AmCham member companies across various industries; 69% of respondents hold CEO positions.
Source: American Chamber of Commerce in Ukraine, Citi Ukraine
Citizens of which countries own businesses in Ukraine?
According to the Unified State Register, as of mid-March 2026, nearly 3,000 companies with foreign owners that file financial reports and have annual revenues of at least 100 million UAH were recorded in Ukraine. Citizens of Cyprus are among the owners of nearly a quarter of these companies. And the largest number of businesses with foreign owners are registered in the capital. Foreigners most often choose the wholesale trade, agriculture, and IT sectors for their companies.
There are currently 2,997 companies with foreign owners in Ukraine. Note that this analysis examined companies with revenue of at least 100 million UAH according to their 2025 financial statements.
Nearly a quarter of the companies have owners from Cyprus—694 companies. Next are German citizens—they are represented in 300 companies—and the United States—292. Following are the Netherlands (239 companies), the United Kingdom (224), Austria (187), and Poland (146). It is worth noting that a single company may have multiple owners.
It should be noted that Cyprus and the Netherlands have long remained key “hubs” for structuring Ukrainian businesses.
Nearly half of all companies with foreign owners—1,478 businesses—are registered in Kyiv. Next are Lviv and Kyiv regions—223 in each region. The fewest such businesses are in the frontline regions of Kherson and Donetsk.
More than a quarter of all foreign-owned companies operate in wholesale trade—774. Another 268 companies are in agriculture and 176 in IT.
https://opendatabot.ua/analytics/foreigners-business-2025-12
