Crypto treasury companies accelerating market drop, professor argues

Omid Malekan, a blockchain author and adjunct professor at Columbia Business School, contends that digital asset treasuries (DATs) must be included in any analysis of the falling crypto prices, describing their aggregate activity as a "mass extraction and exit event." Malekan suggests many crypto buying companies raised substantial investor funds under the guise of a "get rich quick scheme," spending heavily on launching public entities. These companies acquired significant token supplies using leverage from share sales and debt offerings, raising concerns about forced selling during downturns. He claims the biggest damage DATs caused was enabling a mass exit event for supposedly locked tokens, criticizing the practice of raising too much money and minting too many tokens. The trend saw an explosion in 2025, with 207 companies holding over one million Bitcoin and 70 companies holding 6.14 million Ether, though analysts expect consolidation among larger players as the cycle matures.

(Source：Cointelegraph)