Bitcoin Treasuries Face Capital Shock as Falling Prices Erase Gains
Falling token prices are straining crypto treasuries, eroding financial buffers and forcing defensive balance-sheet moves across the sector.Summary
Crypto-focused treasury companies are experiencing renewed strain as the recent market downturn significantly reduces asset values, eliminating previously durable equity cushions. According to CryptoQuant, Bitcoin-heavy firms are absorbing the sharpest losses following BTC's drop of over 16% this month. For instance, MicroStrategy, the largest corporate Bitcoin holder, has drastically slowed its purchasing pace, coinciding with a 53% drop in its MSTR stock price from its all-time high. Similarly, Metaplanet, which holds BTC at an average cost basis of $106,000, faces over $120 million in unrealized losses, prompting a share buyback program. Altcoin treasuries are also impacted; Evernorth's XRP holdings are showing an unrealized loss of about $79 million, and BitMine, holding Ethereum, faces an unrealized deficit of roughly $2.1 billion due to ETH's 22% monthly decline. These drawdowns highlight the structural risk of digital-asset accumulation, testing the resilience of firms balancing long-term conviction with immediate financial pressure.
(Source：BeInCrypto)