U.S., Canadian digital asset treasury firms see median stock prices fall 43% in 2025

U.S. and Canadian companies holding digital assets, or DATs, have experienced significant stock price declines in 2025, with median prices falling 43%, Bloomberg reported.

Summary

• U.S. and Canadian companies holding digital assets in their treasuries have seen stock prices fall by a median of 43% in 2025.
• These companies, known as digital asset treasuries (DATs), adopted a strategy popularized by Michael Saylor.
• Smaller DATs have struggled to raise capital, with companies like Alt5 Sigma Corp. experiencing significant stock declines after their token purchases.

The companies, known as digital asset treasuries (DATs), get a lot of flak. Why? Because they use corporate cash to purchase cryptocurrencies. The strategy was popularized by Michael Saylor, who converted Strategy Inc. into a publicly traded Bitcoin holding company. More than 100 firms subsequently adopted similar approaches.

During an initial period, share values of these companies climbed beyond the worth of the underlying tokens, attracting investors including Peter Thiel and members of the Trump family.

SharpLink Gaming’s stock price increased substantially following its announcement of a pivot to purchasing digital tokens, though shares have since declined from their peak, according to market data. Greenlane Holdings’ value also dropped despite holding cryptocurrency tokens. Many DATs are projected to end the year below their starting valuations.

Several corporations borrowed funds to finance cryptocurrency purchases, raising substantial capital in 2025 to acquire tokens. Most holdings do not generate cash flow, while companies remain obligated to pay interest on debt and dividends.

Bloomberg data indicates the median stock returns of these companies have declined alongside their asset prices this year.

Strategy’s shares have fallen from a July peak and are expected to decline further by year-end, according to the report. Chief Executive Officer Phong Le stated the company might sell some holdings to fund dividends if its market value drops below the value of its assets. The statement contrasts with earlier remarks by Saylor that the firm would not sell its holdings.

Smaller DATs have encountered difficulties raising new capital. Firms that purchased lesser-known, more volatile tokens have been among the worst performers. Alt5 Sigma Corp., backed by two of Donald Trump’s sons, purchased a substantial amount of a volatile token; its shares have fallen from their June peak, according to market data.