I explained to Lee that a 10 to 15 trillion dollar drawdown is plausible if the largest US technology names were to lose one third to one half of their value. The impact would not end with public companies. Once valuations on firms such as OpenAI reset, private market marks would shift even harder as investors already view them as priced above comparable public peers.
Our new Bitcoin Treasury Tracker provides day-by-day insight into how much Bitcoin these major public and private treasury companies hold, when they've accumulated, and how their positions have evolved. These treasuries now collectively hold over 1 million BTC, a staggering sum representing over 5% of the total circulating supply. The scale of this accumulation has been a cornerstone of Bitcoin's current cycle strength. However, some of these companies are facing increasing pressure as their equity valuations struggle to keep pace with the Bitcoin price itself.