The stocks that were supposed to be “Bitcoin with leverage” are losing their audience. Daily trading volume across publicly listed Bitcoin treasury companies has cratered to $17.4 billion, down 49% from the $34.2 billion daily average recorded in December 2025, according to data from Glassnode.
The numbers behind the exodus
The 30-day simple moving average tells a clean story. In December 2025, Bitcoin treasury stocks were pulling in $34.2 billion per day in trading volume. By mid-June 2026, that figure had shrunk to $17.4 billion. Approximately 199 public companies currently hold a combined total of over 1.26 million BTC on their balance sheets.
Bitcoin has been trading relatively stable in the $62,000 to $64,000 range during this period. The price is holding. The speculative fervor around the stocks that hold it is not.
One of the clearest examples of the shifting landscape comes from Nakamoto Holdings. The company recently sold approximately 600 BTC for $48 million, directing $45 million of those proceeds toward reducing its debt to Kraken. After the sale, Nakamoto still holds 4,467 BTC.
