Crypto asset prices saw a pullback this week, but the spot market is performing better than most digital asset treasury companies, which in some cases have lost more than 90% of their value due to market saturation and investor worries about the viability of the digital asset treasury business model.
Strategy, the largest Bitcoin (BTC) treasury company, has dropped around 45% from its all-time high of $543 per share during intraday trading in November. In comparison, BTC has risen approximately 10% since reaching a high of over $99,000 that same month.
Furthermore, BTC has achieved consecutive new highs since December, peaking at over $123,000 in August, while Strategy has not reached a new all-time high in 2024 nor recaptured its previous high during the same period.
The BTC treasury company Metaplanet tells a similar tale; its shares have decreased by about 78% since the all-time high of $16 in May.
As of this writing, Metaplanet shares are trading at around $3.55. Bitcoin’s price has slightly declined by about 2% since hitting a high of over $111,000 in May.
Analysts from global bank Standard Chartered noted that the recent drop in the multiple on net asset value (mNAV), a metric that measures a company’s enterprise value against its underlying assets, is tightening due to an increase in crypto treasury companies.
“Market saturation appears to be the primary factor driving recent mNAV compression,” wrote analysts from Standard Chartered. Currently, there are 140 public companies employing a crypto treasury strategy, according to CoinGecko.
Investors and traders have invested in crypto treasury stocks, hoping these companies would outperform their underlying crypto assets.
However, the dismal price performance of these companies in 2025 has raised concerns that they might intensify the next downturn in the crypto market through forced selling to meet debt obligations.
Related: Crypto treasuries risk 50% downside on PIPE selling pressure
Altcoin treasury plays are faring even worse
Shares of SharpLink Gaming, an Ether (ETH) treasury company, have plummeted by about 87% since May 2025, when the stock peaked at around $124 per share. SharpLink is now trading at approximately $15.72 as of this writing.
In contrast, ETH has undergone a parabolic surge in recent months, rising by about 115% since May.
Helius Medical Technologies, operating as a Solana (SOL) treasury company, has lost over 97% of its value year-to-date, according to Yahoo Finance.
Meanwhile, SOL only saw a decline of about 33% from its all-time high of about $295, which it achieved in January during the memecoin frenzy.
CEA Industries, which transitioned to a BNB (BNB) treasury company in 2025, has lost approximately 77% of its value since August when its stock peaked at over $34 before a sharp decline.
As of writing, shares of CEA Industries are trading at around $7.75. The company’s steep decline coincided with BNB’s price rally in August, which saw the altcoin reaching a new all-time high of over $1,000 in September.
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