Lookonchain
Corporate crypto treasuries are taking heavy losses as $BTC extends its slide. Strategy is down $11.07B on its $BTC holdings, Bitmine $9.58B on $ETH, and SharpLink $1.59B on $ETH. Metaplanet is down $1.38B on $BTC, while Forward Industries has shed $1.13B on $SOL — a combined drawdown of roughly $24.75B across the five largest disclosed positions.
Why it matters
The drop marks the first serious stress test for the corporate-treasury trade that drove a wave of mid-cap equity issuance through 2025. These balance sheets were marketed to public investors as leveraged upside on $BTC, $ETH, and $SOL; in a drawdown they function as leveraged downside, with mark-to-market losses flowing straight into GAAP earnings and net asset value. Strategy's $11B paper loss is roughly four times its trailing twelve-month operating profit.
Market impact
The mNAV compression is the near-term risk: if shares trade below the value of the underlying holdings, further equity issuance becomes dilutive rather than accretive, cutting off the buy-engine that defined the trade. Watch for treasury companies pausing buy programs, drawing credit lines, or posting margin on collateral — the standard playbook from the 2022 cycle.
Frequently asked questions
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Which crypto treasury companies lost the most in this drawdown?
Strategy led with an $11.07B loss on its $BTC holdings, followed by Bitmine at $9.58B on $ETH. SharpLink was down $1.59B on $ETH, Metaplanet $1.38B on $BTC, and Forward Industries $1.13B on $SOL.
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How much have corporate crypto treasuries lost in total?
The five largest disclosed positions are sitting on roughly $24.75B in combined mark-to-market losses as $BTC extends its slide.
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Why does a BTC or ETH price drop hurt treasury company stocks?
Corporate crypto treasuries hold the underlying tokens on their balance sheets, so price declines flow directly into mark-to-market losses, GAAP earnings, and net asset value — turning a leveraged-upside pitch into leveraged downside.
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What is mNAV compression and why does it matter?
mNAV is the ratio of a treasury company's market cap to the value of its crypto holdings. If shares trade below NAV, further equity issuance to buy more crypto becomes dilutive rather than accretive, cutting off the buy-engine that has defined the trade.
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What are the warning signs to watch for in treasury companies?
Watch for paused crypto buy programs, credit-line draws, margin posts on collateral, or covenant pressure on convertible debt — the same playbook that played out across the sector during the 2022 downturn.
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