Bitcoin spent September outperforming stocks and gold. Then October arrived, and the companies built to mirror it went sideways in the worst way.

Five major Bitcoin proxy stocks all slid sharply as the new month opened: Strategy (MSTR), Coinbase (COIN), Marathon Digital (MARA), Riot Platforms (RIOT) and CleanSpark (CLSK). Bitcoin dipped too, but far less dramatically. The split matters because these stocks are supposed to move with the coin. Lately they have mostly moved with the bond market.

The September numbers looked healthy. Bitcoin gained approximately 6-7% on the month and closed near $83,500-$84,000. At its intraday peak it touched roughly $87,350.

That run beat both equities and gold over the same stretch. Corporate treasury…