‘Bumpy Ride Vooruit’ for crypto treasury companies while the shares are diving

Because competition to build crypto -treasury companies, shares of market leaders such as strategy, metaplanet and bitmine accelerate a lot of beating.

Metaplanet has fallen more than 31% in the past month, Bitmine Immersion Technologies has Whose 18% of its value, while strategy (previously micro strategy) have shares 15% fell.

Those waterfalls came exactly when companies around the world found crypto treasury religion. In the past month alone, the number of business Bitcoin holders over 300 has risen after 21 new companies have joined the trend. Combined Bitcoin Treasury companies now have 3.7 million BTC.

Digital Asset Treasury Companies (DATCOS) had more than $ 100 billion in digital assets at the end of July, according to Galaxy Research, with $ 93 billion in BTC and more than $ 4 billion in ETH, led by Bitmine and Sharplink Gaming.

Treasury companies have launched holdings in at least ten other digital assets, including SOL, XRP, BNB and Hype.

A bumpy ride ahead, “says Nydig

Greg Cipolaro, worldwide head of research at New York Digital Investment Group (NYDIG), warned in a September 5 report That “a bumpy ride for the companies can be” as incoming mergers and financing deals a “substantial sales wave of sales” of shareholders.

The combination of falling stock prices and continuous accumulation is compressing premiums for these companies, he said. Their stock prices are increasingly acting closer, or even below, their underlying net asset values ​​(NAV) after Bitcoin and Ethereum have fallen from recent new all time.

Cipolaro mentioned several pressure behind this compression, including “Investing fear of unlocking the stock unlocking, changing business objectives of that management teams, tangible increase in the issue of shares, taking investors and limited differentiation between treasury strategies.”

Significant sales wave can occur

Many DATCOS also have hanging mergers or incomplete stock and debt financing. Once these transactions have been completed and shares are freely tradable, it warned that a “substantial sale wave of sales” could occur, so that more stress was added to the already falling stock prices.

If Treasury companies fall under their novs, Cipolaro said they could buy shares, but noted that none of the most important Bitcoin Treasury companies currently have return programs, except Empery Digital (EMPD), which trades a 24% discount on NAV.

“If we would give DATS one advice, this is to keep part of the collected resources aside to support shares via return,” he said.

Galaxy Research said that if share premiums collapse or dry up capital, larger, better capitalized Treasury companies may be able to acquire smaller companies in NAV discounts. Although that would enable buyers to buy crypto on favorable conditions, it also emphasizes potential vulnerability.

Galaxy Research noted that the mechanics of increasing equity to buy assets and then see premiums fluctuate, resemble the tree of the 1920s, which strengthened profit and losses.

“When the sentiment rotated, the same mechanics strengthened the disadvantage,” said it. “In two-reducing premiums, access to capital stuck, while lever losing on falling assets are increased. These step-by-step failures were an acceleration for the crash of 1929 and the subsequent major depression. Datcos can be more transparent and better regulated than trusts of the 1920s.”

MNAV, or a net value market, is a valuation statistics for public companies that keep cryptos as treasury assets, such as strategy.

Capital continues to flow, despite risks

Yet the hunger of investors for crypto -outskist companies remains strong. Hong Kong-based crypto exchange Hashkey has revealed plans today To build a Fund of $ 500 million to invest in DATCOS, according to an announcement from the company, which demonstrates to the stock flow, even when stock prices fall.

📢 Hashkey Group reveals #THAT Strategy: pioneering the institutional bridge between #Tradfi and crypto

🌐 Launch of Asia’s largest digital multi-currency digital asset treasury (DAT) Fund-oriented on> $ 500 million, aimed at regular crypto-assets with a first focus on $ ETH And $ BTC… pic.twitter.com/dzxbeufdw

– Hashkey Group (@hashkeygroup) September 8, 2025

While crypto treasury companies multiply, Hashkey said that the segment is now turning into a ‘survival of the strongest’ phase.

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