Crypto treasury firms buckle as crash erodes nearly half of combined market caps
Public digital asset treasury firms have seen their combined market cap drop significantly due to the recent crypto market crash.Summary
Digital asset treasury companies are experiencing a sharp decline in their share values and corporate crypto holdings following the recent downturn in BTC, ETH, and SOL prices from their October peaks. The combined market capitalization of these public firms has fallen from $176 billion in July to approximately $99 billion currently. This drop coincides with the total crypto market cap slipping below $2.9 trillion, driven by ETF outflows and macro uncertainty. The value of crypto holdings by these firms has also decreased from $141 billion in early October to $104 billion by November 21.
Specific examples highlight the pressure: MicroStrategy (MSTR), the largest Bitcoin holder, remains profitable on its 649,870 BTC despite its stock falling 41% year-to-date. Conversely, Bitmine (BMNR), the largest Ethereum-focused firm, holds an unrealized loss of about $4.52 billion on its ETH stack as ETH trades near multi-month lows. Similarly, Forward Industries (FORD), heavily invested in Solana, faces a $711 million unrealized loss after SOL's price drop. This market pressure has even led FG Nexus to sell over 10,000 ETH to fund share buybacks, marking the first material treasury reduction by a large ETH-holding public company during this downturn.
(Source：The Block)