Bloomberg: U.S. and Canadian Digital Asset Treasury Firms See Median Stock Prices Plunge 43% in 2025

A Bloomberg report reveals that U.S. and Canadian firms holding digital belongings in their treasuries are dealing with losses, with the median inventory worth down 43% this yr.

What started as one of the common methods in public markets has shortly become one of many worst trades.

Corporate Treasury Hype Falls Short of Reality

Companies referred to as digital asset treasuries (DATs) have been using company money to purchase Bitcoin, Ethereum, and different cryptocurrencies. The technique was popularized by Michael Saylor, who turned Strategy Inc. right into a publicly traded Bitcoin holding firm. More than 100 corporations quickly adopted, betting that holding digital belongings would enhance their inventory costs.

Bloomberg notes that for a interval, share values climbed past the price of the tokens themselves, attracting high-profile buyers together with Peter Thiel and members of the Trump household.

For occasion, SharpLink Gaming noticed its inventory climb greater than 2,600% in the times after saying a pivot to purchasing Ethereum tokens. However, shares have since fallen 86% from their peak, buying and selling at roughly 0.9 instances the worth of its ETH holdings. Another instance is Greenlane Holdings, whose worth dropped over 99% regardless of proudly owning round $48 million in BERA crypto tokens. Overall, 70% of DATs are on observe to finish the yr beneath their beginning values.

Additionally, many such companies borrowed cash to fund their crypto purchases. Together, they raised greater than $45 billion in 2025 to amass tokens. However, most of those holdings don’t generate money, but firms stay accountable for curiosity on debt and dividend funds.

“Investors took a glance and understood that there’s not a lot yield from these holdings moderately than simply sitting on this pile of cash, and that’s why they contracted,” B. Riley Securities analyst Fedor Shabalin mentioned.

Bloomberg information additionally reveals that the median inventory returns of those firms have dragged down their asset costs, with BTC down 6% and ETH down 10% this yr.

Strategy Shares Plunge as Smaller DATs Struggle

Strategy has additionally struggled, with its shares down 60% from a July peak and anticipated to say no an extra 38% by year-end. CEO Phong Le mentioned it would even sell Bitcoin to fund dividends if its market worth drops beneath the worth of its holdings. “We can promote Bitcoin and we might promote Bitcoin if we wanted to fund our dividend funds,” Le mentioned on a podcast. This contrasts with Saylor’s earlier statements that the agency would by no means promote its holdings.

Smaller DATs have additionally confronted challenges in elevating new capital. Among the worst-performing corporations are people who bought lesser-known, extra risky tokens. For instance, Alt5 Sigma Corp., backed by two of Donald Trump’s sons, purchased over a billion {dollars} of WLFI tokens, with shares down about 86% from their June peak.

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