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Crypto markets are down, but corporate proxies are doing far worse

Secret3 AI

27 Sep 2025 — 1 min read

The performance of crypto treasury companies has significantly lagged behind the underlying assets they hold, with many losing over 90% of their value due to market saturation and concerns about their business models. Strategy, a prominent Bitcoin treasury firm, has dropped approximately 45% from its all-time high of $543 per share, while Bitcoin itself is up around 10%. Metaplanet has seen a decline of about 78% since May. In stark contrast, Bitcoin has reached new highs throughout 2024. Other companies like SharpLink Gaming and Helius Medical Technologies have reported declines exceeding 87% and 97%, respectively, despite significant gains of their underlying assets like Ethereum and Solana. Analysts suggest that market saturation is a key factor behind this trend. There are currently 140 public companies pursuing crypto treasury strategies, raising concerns among investors about forced selling to meet financial obligations. This underperformance and the contraction of the multiple on net asset value (mNAV) further reflect the challenges faced by these corporate proxies in the current market landscape.

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Corporate Clients Hold Up to 15% of Assets on Mercado Bitcoin, Exchange Exec Says

Trump-linked WLFI burns $1.43M worth of tokens after $1M buyback

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