Although prices for Crypto Asset have receved this week, the spot market is superior to most digital asset financing companies that have in some cases lost more than 90% of their value due to market saturation and investor concerns about the sustainability of the Ministry of Digital Asset Treasury business model.
Strategy, the largest Bitcoin (BTC) financing company, fell about 45% from an all-time high of $543 per share during intraday trading in November. In comparison, BTC has risen by about 10% since reaching its highest level above $99,000 in the same month.
Additionally, BTC has printed consecutive new highs since December, hitting an all-time high of over $123,000 in August, but the strategy has not even managed to reach its all-time high in 2024 or regain its previous all-time high in the same period.
BTC Treasury Company Metaplanet talks similarly. Metaplanet stocks have fallen by about 78% since its all-time high of $16 in May.
Metaplanet stocks have traded their hands for around $3.55 at the time of this writing. Bitcoin prices have fallen by about 2% since it exceeded $111,000 from its May high.
Analysts at Global Bank Standard Chartered said the collapse of Net Asset Value (MNAV), a metric that tracks the company’s value in relation to underlying assets, is contracted by an increase in Cryptocurrency companies.
“We believe that market saturation is a major factor in recent MNAV compression,” writes a Standard Charter analyst. According to Coingecko, there are currently 140 public companies employing cryptocurrency strategies.
Investors and traders took up jobs at Crypto Treasury Plays, hoping that the finance company would be better than the underlying crypto assets.
However, the negative price performance of these companies in 2025 has created fear that they could exacerbate the next crypto market slump through forced sales to meet their debts.
Related: Cryptocurrency risks 50% downsides with pipe sales pressure
Altcoin Treasury Plays is getting worse
Shares of Ether (ETH) financing company Sharplink Gaming have fallen about 87% since its share price surged to about $124 per share in May 2025. Sharplink is trading for around $15.72 at the time of this writing.
However, ETH has experienced parabolic gatherings in recent months, up about 115% since May.
According to Yahoo Finance, Solana (SOL) Treasury Company Helius Medical Technologies lost more than 97% of its value each year.
Meanwhile, Sol reached January amid a record high of around $295, falling by around 33%.
CEA Industries, which converted to the BNB (BNB) Treasury in 2025, has lost about 77% of its value since August, falling sharply since its record high of $34.
CEA Industries stocks are trading at around $7.75 at the time of writing. The company’s sharp decline occurred during BNB price rallies in August, reaching a new all-time high of over $1,000 in September.
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