According to a report by Bloomberg, U.S. and Canadian companies that hold digital assets (DAT) experienced significant stock price declines in 2025, with a median drop of 43%.
summary
- U.S. and Canadian companies with digital assets in their treasury will see their stock prices decline by a median of 43% in 2025.
- These companies, known as Digital Asset Treasury (DAT), adopted the strategy popularized by Michael Thaler.
- Smaller DATs have struggled to raise capital, and companies like Alt5 Sigma Corp. have suffered significant share price declines after token purchases.
These companies, known as digital asset treasuries (DATs), have come under a lot of criticism. why? Because they are using corporate cash to buy cryptocurrencies. This strategy was popularized by Michael Saylor, who turned Strategy Inc. into a publicly traded Bitcoin holding company. More than 100 companies have since adopted a similar approach.
During the early period, the stock prices of these companies rose above the value of the underlying tokens, attracting investors including Peter Thiel and members of the Trump family.
According to market data, Sharplink Gaming's stock price rose significantly following the announcement of its conversion to digital token purchases, but the stock price has since fallen from its peak. The value of Greenlane Holdings also fell despite holding crypto tokens. Many DATs are expected to end the year at less than their starting valuations.
Several companies borrowed money to finance the purchase of cryptocurrencies, and in 2025 they raised large sums of money to acquire tokens. While most stock holdings do not generate cash flow, companies remain obligated to pay interest on debt and dividends.
Median stock returns for these companies have declined this year, along with asset prices, according to Bloomberg data.
According to the report, Strategy's stock price has fallen from its July high and is expected to fall further by the end of the year. Chief Executive Officer Von Leh said the company may sell some of its shares to fund dividends if the market value falls below the value of its assets. This statement contrasts with Mr. Thaler's previous statement that the company had no intention of selling its stake.
Smaller DATs face difficulties in raising new capital. Companies that purchased lesser-known and more volatile tokens were among the worst performers. Alt5 Sigma, a company backed by two of Donald Trump’s sons, purchased a significant amount of volatile tokens. The company's stock price has fallen from its June high, according to market data.
read more: Dogecoin price maintains bearish structure: Is a deeper decline on the horizon?
