Crypto asset prices experienced a pullback this week, yet the spot market is performing better than many digital asset treasury firms, which have, in some cases, lost over 90% of their value due to market saturation and investor doubts regarding the viability of the digital asset treasury business model.
Strategy, the largest Bitcoin (BTC) treasury firm, has seen a decline of approximately 45% from its peak of $543 per share during intraday trading in November. In contrast, BTC has appreciated about 10% since reaching a high of over $99,000 that same month.
Moreover, BTC has achieved a series of new highs since December, hitting an all-time record of over $123,000 in August, while Strategy has failed to achieve a new peak in 2024 or even regain its previous all-time high during this time frame.
The story is similar for BTC treasury company Metaplanet, which has seen its shares drop about 78% since reaching an all-time peak of $16 in May.
Currently, Metaplanet shares are priced at around $3.55. Bitcoin’s price has declined approximately 2% since May’s peak of over $111,000.
Analysts from global bank Standard Chartered noted that the reduction in the multiple on net asset value (mNAV), a metric that evaluates the enterprise value of a company relative to its underlying assets, is contracting due to the rise in crypto treasury companies.
“We view market saturation as the primary factor behind the recent mNAV compression,” Standard Chartered analysts observed. Currently, there are 140 public companies that have implemented a crypto treasury strategy, according to CoinGecko.
Investors and traders entered crypto treasury positions, expecting these firms to outperform the underlying crypto assets.
However, the negative performance of these companies in 2025 has raised concerns that they could further worsen the next crypto market downturn through forced sales to fulfill debt obligations.
Related: Crypto treasuries risk 50% downside on PIPE selling pressure
Altcoin treasury companies are faring even worse
Shares of SharpLink Gaming, an Ether (ETH) treasury firm, have plummeted around 87% since May 2025, when the stock soared to about $124 per share. SharpLink is currently trading at approximately $15.72.
In contrast, ETH has experienced a significant rally recently, surging about 115% since May.
Helius Medical Technologies, a Solana (SOL) treasury company, has seen a staggering 97% decline in value year-to-date, according to Yahoo Finance.
Meanwhile, SOL has only decreased by about 33% from its all-time high of roughly $295, which it reached in January during the memecoin frenzy.
CEA Industries, which transitioned to a BNB (BNB) treasury firm in 2025, has lost about 77% of its value since August, when it peaked at over $34 before a sharp decline.
Shares of CEA Industries are currently trading at about $7.75. This steep drop occurred even as BNB’s price surged in August, leading to the altcoin hitting a new all-time high of over $1,000 in September.
Magazine: Altcoin season 2025 is nearly upon us… but the rules have changed
