Digital asset treasury companies are facing a sharp decline in the value of their shares and corporate crypto holdings as prices of BTC, ETH and SOL continue to fall from their October peaks.
According to The Block’s data dashboard, the combined market capitalization of public DAT companies has fallen from $176 billion in July to about $99 billion today.
The decreased stock valuations This comes as the total cryptocurrency market cap fell below $2.9 trillion on Friday for the first time since May, driven by rising ETF outflows and macro uncertainty, according to analysts. Meanwhile, the combined value of DATs’ crypto holdings has fallen from $141 billion when Bitcoin hit an all-time high on October 6, to $104 billion on November 21.
Largest Bitcoin Holder Still Making Profits, But AUM Is Under Pressure
Michael Saylor’s Strategy (MSTR) remains the largest corporate holder of bitcoin with 649,870 BTC, accumulated at an average price of $74,433 per bitcoin for a total cost of approximately $48.4 billion.
Data from blockchain analyst Lookonchain noted that the position, currently worth about $54.5 billion, still retains an unrealized gain of about $6.1 billion despite Bitcoin’s retracement.
However, the company’s share price has fallen alongside the broader crypto decline. Strategy shares are down 34% over the past month and down about 41% this year to close Thursday at $177.13, according to The Block’s MSTR price page.
Earlier this week, JPMorgan warned that Strategy could face further outflows of billions if MSCI and other major indexes delist the shares, putting further pressure on the company’s share price.
While cumulative holdings of bitcoin by publicly traded companies continue to rise and reach new all-time highs, the value of these holdings has fallen in tandem with bitcoin’s decline from a high of around $126,000 to the low $80,000s.
Bitmine’s Ethereum stack underwater
Bitmine (BMNR), the largest Ethereum-focused DAT, owns 3,559,879 ETH, acquired at an estimated average of $4,010, according to previous reporting.
With ETH now near multi-month lows, the company is facing an unrealized loss of approximately $4.52 billion, implying a 31.7% decline in its ETH position.
ETH has crashed 30% in the past 30 days, with the second-largest cryptocurrency now trading at around $2,745, according to The Block’s ETH price page.
Amid the crypto market slump, Bitmine stock has also fallen 44% in the past month, although it is still up about 271% year to date.
Solana’s exposure to government bonds is suffering a severe decline
Forward Industries (FORD) – which doubled down on its Solana strategy earlier this year with a $4 billion equity offering – owns approximately 6.83 million SOL, purchased at an average price of $232.
SOL is down 32% in the last 30 days, according to The Block’s SOL price page, and is currently changing hands at around $127.
After multiple crypto liquidations, the company is now facing an unrealized loss of approximately $711 million with a 44.8% decline in its portfolio, Lookonchain data shows.
Forward’s share price has fallen 55% in the past month, but continues to rise 84% since the start of the year, following Solana’s strong performance at the start of the year.
Market pressure has now spread beyond the portfolio reduction and led to a downgrade in government bonds for at least one listed company.
As The Block reported on Thursday, FG Nexus – once set to raise up to $5 billion – sold more than 10,000 ETH to finance its share buyback. It became the first major publicly traded ETH company to make significant cuts to its treasury during the recession.
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