Crypto currency (crypto asset) treasury companies became insolvent and might be delisted. Bankruptcies and bank failures occurred. The bubble burst. A second Lehman Shock (Great Depression) originated in the United States might occur.
Future Outlook
Why did Bitcoin rise to $126,000?
Representative of the cryptocurrency (crypto asset) treasury firm Strategy Inc., they raise huge amounts of money from wealthy individuals through the issuance of corporate bonds and stocks, purchase Bitcoin, and drive up the price of Bitcoin.
Normally, they would sell it when the price went up and make a profit. These firms focused on collecting Bitcoin, taking on debt with Bitcoin as collateral, and continued to buy Bitcoin, driving the price of Bitcoin $126,000 to significantly increase.
Strategy Inc. holds the world's largest amount of Bitcoin, with 713,502 coins.
Coin totals are still increasing
Total unrealized losses and regular debt: $15.97 billion plus interest on debt
Used to buy Bitcoin every week, but changed it to once every 3 months.
Below are some public Bitcoin treasury companies with high average purchase prices (debt) and the number of Bitcoins they are holding.
Why did Bitcoin rise to $126,000 and then fall to $70,000 in just four months?
Newly entered Bitcoin treasury companies grabbed the average purchase price at a high price, causing the price to fall and these stocks to fall. Trust was lost and selling piled up.
As a result, customers who bought stocks suffered losses due to the fall in stock prices, while those who bought Bitcoin directly and traded it made profits. Investors who were unable to cut their losses and held Bitcoin lost assets.
As of February 2026, 11 U.S. public pension funds faced paper losses of approximately $337 million due to their investments in Strategy Inc. (formerly MicroStrategy, MSTR), with the stock price falling 67% over the past six months and positions in 10 of the 11 funds reduced by approximately 60%.
Will Bitcoin rise to $126,000 again in the future?
As the number of Bitcoins decreases over the years due to halvings and other factor, their value increases.
The first step will be the liquidation of companies with accumulated Bitcoin treasury debt. There is a possibility that Bitcoin treasury firms will be regulated, and there are also drawbacks, such as the inability of new entrants to enter the market. Also, looking at the list of companies with high average purchase prices, you can see that they have spent a huge amount of money to raise the value to $126,000. And they will face delisting the stock market and bankruptcy.
The current price is $70,000, but will it go down further?
Yes, if Bitcoin treasury companies’ stock will keep to be delisted the stock market.
Metaplanet Co., Ltd.holds 35,102 BTC, but experienced insolvency at the end of the fiscal year ending December 2021, and unrealized losses have been increasing in January and February 2026 due to the decline in the price of Bitcoin. If the Tokyo Stock Exchange determines that the company experiences insolvency for a second time, it may be delisted, and in the event of bankruptcy, 35,102 BTC may be disposed of by the bankruptcy trustee.
Nakamoto IncThere are a total of 5,398 Bitcoins, but Nakamoto Inc.'s stock price is currently very low at 30 cents, and Nakamoto Inc. (formerly KindlyMD, NAKA) received a Nasdaq delisting notice in December 2025 after its stock price fell below $1 for 30 consecutive business days. The company must regain compliance by maintaining a closing price of $1 or higher for 10 consecutive business days by June 8, 2026, and 5,398 Bitcoins may be liquidated. Including other delistings this year in June 2026, 6,900 Bitcoins may be liquidated.
Other delisting notices: Bitcoin liquidation
K Wave Media (KWM) 88 BTC until June/July 2026
ZOOZ 1,036 BTC until June 15, 2026
Digital Currency X Technology Inc. (NASDAQ:DCX) 499.8 BTC as of June 10, 2026
If the price of Bitcoin continues to fall, some companies on the list of companies with high average purchase prices will see their hidden debts increase, become insolvent, and be delisted.
Mining company sells Bitcoin
It is said that it costs $65,000 to mine one Bitcoin.
Currently, it is at $69,000 as of February 10, 2026, so if it falls below $65,000, profitability will deteriorate and there is a possibility that Bitcoin will be sold. Cango Inc. sold 4,000 Bitcoins and moving away from Bitcoin mining and into other businesses.
Bubble Collapse: A second Lehman Shock (Great Depression) originating in the US - Is bank collapse possible?
What is the Lehman Shock?
The September 2008 collapse of Lehman Brothers, a major American investment bank, triggered a financial and economic crisis that spread across the world, with total debt of $600 billion.
Yes, if delisting and mining sell-offs continue, the banks that support crypto currencies could go bankrupt.
Strategy Inc. receives support from many pension institutions, but this will have a major impact on pensioners.
60% of American banks are involved in cryptocurrencies in some way.
JP Morgan Chase, UBS, Wells Fargo, Citigroup, Anchorage Digital, Goldman Sachs
Pension Service losses
The California Public Employees' Retirement System (CalPERS) and CalSTRS suffered significant losses between 2025 and 2026 due to their investments in Strategy Inc. (MSTR), a company that has invested heavily in Bitcoin. CalPERS saw its $144 million stake fall to about $80 million. Despite these losses, the holdings represent only a small portion of their overall portfolio, and officials defend their diversified, index-oriented approach. Funds around the world, including the Norwegian Government Pension Fund (NBIM), one of the world's largest sovereign wealth funds, have also suffered significant losses.
The US CRE (commercial real estate) debt market in 2026 is structured so that a large amount of maturing debt concentrated in 2024-2025 will be extended and accumulate in 2026. While the market will be supported by falling interest rates and investment in data centers driven by AI demand, office properties will continue to face a severe adjustment period.
Nearly $2 trillion in debt
The price has dropped, should I buy Bitcoin? Should I buy more cryptocurrency?
No, we will have to wait and see for a while, as we will look at the developments at Japan's Metaplanet and the liquidation method for Bitcoin following the delisting of American treasury companies in June, and if it falls below $65,000, it will begin to collapse further.
Although cryptocurrencies were encouraged by the Trump administration, they are now facing a crisis that could drive the country to bankruptcy. Attention is also focused on how the Crypto Asset Treasury (DAT) company which is delisted will be treated by the Trump administration.
Other pages
Strategy inc. Scheme Metaplanet Is this scam？
Public Bitcoin Treasury Companies Bitcoin Purchase Averages Per BTC
Will Bitcoin company be bankrupt? STRATEGY INC twenty one capital
Nakamoto Inc. stock price February 10, 2026.
Public Bitcoin Treasury Companies Bitcoin Purchase Averages Per BTC
Public Bitcoin finance companies with the highest average purchase price
