2025 has been quite the year for digital asset treasury (DAT) companies, especially Bitcoin and Ethereum treasury vehicles. These publicly-traded firms, who accumulate digital assets on their balance sheets, offer retail investors who purchase their shares indirect crypto exposure.

However, a recent report found that retail investors have lost around $17 billion by investing in Bitcoin treasury stocks. According to the firm, the hype surrounding BTC treasuries seems to be coming to an end, with retail investors forced to deal with the losses.

Has The Bitcoin Treasury Bubble Burst?

In its market report last week, 10x Research said that the “age of financial magic” is coming to a close for Bitcoin treasury companies. According to the Singapore-based research firm, these treasury compa

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