Bloomberg: Median Stock Price of US and Canadian Digital Asset Treasury (DAT) Firms Plunges 43% in 2025

According to a Bloomberg report, 2025 has proven to be an exceptionally brutal year for companies in the US, Canada, and elsewhere that have incorporated digital assets into their corporate treasuries.

These companies, known as “digital asset holding firms,” have seen their median stock prices plunge by 43%, turning what was once a hot market trend into the worst-performing sector of the year.

The trend began when Michael Saylor transformed Strategy into a publicly listed Bitcoin holding giant, sparking a wave of imitation by hundreds of other companies. At the height of the craze, some firms’ stock prices soared far beyond the value of the crypto assets they held.

However, this frenzy detached from fundamentals has quickly faded. Data shows that around 70% of such companies are expected to end the year with lower market caps than they had at the start.

The core problem for these firms lies in the structural flaws of their business models, as they have borrowed heavily (with related financing exceeding $450 billion in 2025) to purchase crypto assets.

Yet these assets generate little to no cash flow, failing to cover ongoing rigid expenses like debt interest and dividend payments. As analysts point out, when investors realize that “holding” itself does not create economic value, they quickly head for the exits.

Strategy, the industry bellwether, has not been spared either, with its stock price down more than 65% from its July peak. Recent comments from its CEO about “potentially selling Bitcoin to pay dividends” stand in stark contrast to the founder’s vow to “never sell.”

These developments collectively signal a complete reversal in the industry’s trend. Meanwhile, small and mid-sized companies betting on highly volatile, niche tokens are facing particularly dire straits, with stock prices generally suffering devastating declines.

In summary, the previously popular “pure holding narrative” has collapsed, forcing related firms’ stock prices back to fundamentals, once again anchored to their asset liquidity, cash flow generation, and overall financial health.

This value correction has not only dealt a heavy blow to the companies involved, but has also had a significant negative impact on mainstream crypto asset prices, serving as a wake-up call for the entire digital asset holding sector.

#数字资产 #Corporate Finance