More than $80bn has been wiped off the value of bitcoin treasury companies since the middle of last year, after the crypto-buying craze that transformed their business models failed to boost their share prices.An FT analysis of the 50 companies holding the most bitcoin found that their combined market capitalisation plunged from $150bn in July 2025 to just $67bn today. Over the past 12 months, the fall was from $124bn, a loss of $57bn.A Spanish chain of coffee shops, a Japanese clothing retailer...