$20 Billion Loss for Crypto Treasury Companies: Strategies Shift

Digital Asset Treasuries Record Massive Losses The wave of selling in cryptocurrency markets, which saw Bitcoin lose approximately 50 percent of its value from its peak, has left companies adopting the "Digital Asset Treasury" (DAT) model in a difficult position.
According to Forbes data, by the end of 2025, these companies, numbering over 200, held a total of $150 billion in crypto assets on their balance sheets.
A report by data provider Artemis indicates that DAT companies have experienced a total loss of over $20 billion.
While the shares of these companies have declined by an average of 70 percent over the last six months, Las Vegas-based BitMine Immersion Technologies, which follows an Ethereum-focused model, reported an unrealized loss of $8.1 billion.
Market Value and Asset Imbalance The ratio between market value and net asset value (mNAV), considered a key indicator for investors, points to deep discounts in many small-scale companies.
While major players have managed to keep this ratio near 1.0, the capital-raising processes for smaller firms are becoming increasingly difficult.
Experts note that many firms entered the market with opportunistic purchases rather than long-term strategies and have proven inadequate in risk management.
Strategic Shift: From Crypto to Physical Assets In response to market volatility, some companies are turning to different investment vehicles.
Palm Beach-based ETHZilla sold a portion of its $139 million in Ethereum assets to purchase two aircraft engines for $12.2 million.
The company aims to generate regular cash flow by leasing these engines to an airline.
CEO McAndrew Rudisill stated that they are attempting to balance risks by focusing on real-world assets.
Mergers and New Financial Models While merger and acquisition (M&A) options are being considered for companies experiencing liquidity issues, shareholder expectations are complicating the process.
Christian Lopez, an executive at Cohen & Company Capital Markets, emphasized that investors are not keen on discounted sales due to expectations of higher returns in the event of liquidation.
On the other hand, ProCap Financial, which holds 5,007 Bitcoins, is continuing its expansion strategy despite the decline in market value.
Company founder Anthony Pompliano announced that they will move into the field of "agentic finance" by acquiring the personal finance platform CFO Silvia.
This move is seen as a transition from a crypto-focused model to a broader financial technology vision.