How Bitcoin Hype Left Retail Buyers $17 Billion Poorer

A recent 10X Research report has estimated that retail investors lost about $17 billion due to their exposure to Bitcoin treasury companies.

The losses reflect a broader decline in investor enthusiasm for Digital Asset Treasury Companies (DATCOs). Firms such as MicroStrategy and Metaplanet have seen their stocks tumble in tandem with Bitcoin’s recent price slump.

Bitcoin Treasury Firms Wiped Out $17 Billion in Retail Wealth

According to the report, many investors turned to these DATCOs to gain indirect exposure to Bitcoin. These firms typically issue shares at a premium to their underlying Bitcoin holdings, using the raised capital to buy more BTC.

10x Research noted that the strategy worked well when Bitcoin’s price rose, as stock valuations often outpaced the asset’s spot gains. However, as market sentiment cooled and Bitcoin’s momentum faded, those premiums collapsed.

As a result, investors who bought during the frenzy of inflated valuations have collectively lost about $17 billion. The firm also estimated that new shareholders overpaid for Bitcoin exposure by roughly $20 billion through these equity premiums.

These numbers are unsurprising considering BeInCrypto previously reported that global companies have raised over $86 billion in 2025 to buy cryptocurrencies.

Notably, this figure surpasses the total US initial public offerings this year.

Yet, despite this massive inflow, the performance of Bitcoin-linked equities has recently lagged behind the broader market.