Corporate Crypto Proxies Crash as Treasury Firms Lose Over 90% Value
Treasury Firms Struggle as Crypto Surges
While Bitcoin, Ether, and Solana have posted impressive rallies in 2024 and 2025, corporate proxies tied to crypto treasuries have collapsed — with some firms losing more than 90% of their value.
Investors who once believed companies holding digital assets would outperform the underlying coins are instead facing steep losses.
Strategy Falls Behind Bitcoin
Strategy, the largest Bitcoin treasury company, has lost 45% from its all-time high of $543 per share, hit in November. In the same period, Bitcoin rose 10% from a high of over $99,000.
Since December, Bitcoin has set fresh records, climbing to an all-time high of $123,000 in August, yet Strategy has failed to revisit or exceed its prior peaks.
Metaplanet, another Bitcoin treasury play, has fared even worse. Its shares are down 78% from a May peak of $16, now trading at $3.55, while Bitcoin itself has slipped just 2% from its May high of $111,000.
Analysts Warn of Market Saturation
Global bank Standard Chartered notes that the mNAV multiple — a measure of a company’s enterprise value relative to its assets — is shrinking as more firms adopt crypto treasury models.
“There are currently 140 public companies with a crypto treasury strategy,” analysts wrote, warning of market saturation. Investors now fear that these companies could worsen the next downturn through forced asset sales to cover debts.
Altcoin Treasury Firms Hit Harder
Treasury firms tied to altcoins have suffered even deeper losses:
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SharpLink Gaming, an Ether treasury company, has crashed 87% since May, falling from $124 to $15.72 per share. Ether, by contrast, has rallied 115% in the same period.
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Helius Medical Technologies, tied to Solana, has lost over 97% year-to-date, even as Solana itself is down just 33% from its January high of $295.
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CEA Industries, which converted to a BNB treasury model in 2025, has dropped 77% since August, now trading at $7.75. BNB, meanwhile, surged past $1,000 in September.
A Risky Bet on Corporate Crypto Plays
The promise of crypto treasuries once seemed strong: buy exposure to digital assets with the backing of corporate structures. But the past year shows a harsh reality — the coins are outperforming the companies that hold them.
For traders, the message is clear. Owning the digital asset itself may prove far safer than betting on corporate intermediaries.
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