Popular ‘Bitcoin Treasury’ companies drop as Bitcoin falls below $100K

Bitcoin-linked equities moved lower Friday as firms Strategy (Nasdaq: MSTR), Nakamoto Holdings (Nasdaq: NAKA), and Strive (Nasdaq: ASST) traded down in early market action as Bitcoin dropped below $100,000. The digital currency is currently down 4%, trading at $96,485 as of publication time.

Of the three companies mentioned above, NAKA fell the furthest, down 6%, while MSTR and ASST slipped 4% and 2%, respectively. 

NAKA’s decline comes after months of heavy selling pressure, as documented in an October 2025 investor memo from B. Riley Securities. The bank noted that NAKA shares had dropped 94% since July 1 and 44% year-to-date as of mid-October. According to the memo, the selloff stemmed from the company’s $5 billion at-the-market equity offering, a $30 million investment in Metaplanet (MPTLF), and insider sales following the expiration of PIPE lock-ups. 

Strategy, on the other hand, continues to be a bell weather for the industry. In recent news, the Virginia-based firm was assigned a B- issuer credit rating by the S&P rating agency. The rating is expected to open new credit markets for the firm as it continues to purchase Bitcoin.

Meanwhile, Strive continues efforts to expand its capital base following the completion of a $149.3 million oversubscribed SATA initial public offering, according to company statements. While down 76% over the last 6 months, the stock remains up 131% year-to-date.