Name: Cryptos hottest trade crumples
Uploaded: 2025-12-10T01:17:47.429Z
Duration: 1 min 49 s
Description: One of the hottest trends for crypto in 2025 is reversing. Among the US and Canadian-listed companies that became digital asset treasuries, or DATs, the median stock price has fallen 45% this year, according to data compiled by Bloomberg.

One of the hottest trends for crypto in 2025 is reversing. Among the US and Canadian-listed companies that became digital asset treasuries, or DATs, the median stock price has fallen 45% this year, according to data compiled by Bloomberg.

Toronto

Stock prices for U.S. and Canadian companies involved in digital asset treasuries have declined more significantly than Bitcoin, which is down about 6 percent since the start of the year. Many of these companies used debt to acquire cryptocurrencies, amplifying both gains and losses depending on market direction.

The proliferation of over 150 public digital asset treasury firms in North America has intensified competition, making it harder for companies to maintain stock price premiums. Some firms have already sold crypto holdings to manage debt, and even the largest, Strategy, has indicated it may consider asset sales if premiums decline further.

Crypto's hottest trade crumples

You note that among the U.S. and Canadian listed companies that became debts the median stock price has fallen this year. That's according to data compiled by Bloomberg. Bitcoin by comparison down just around 6 percent since the beginning of the year. Why such a big disconnect. Is it all about the leverage. Hi. Yes. So a lot of it is leverage. So these companies in order to buy the crypto currencies that they're holding a lot of them issued debt to do this. So that means that the leverage that that debt gave them when Bitcoin is going up they can outperform Bitcoin and when Bitcoin is going down they underperform Bitcoin. And that's across all of these different crypto assets that we're seeing. But there's also some other factors at play. There's been like you mentioned a huge explosion of digital asset treasury companies. We have over 150 public ones in North America alone. So the more of these companies that have popped up the harder it's been to compete. And that's also why we've seen with these shrinking crypto prices impacting these companies that this has been weighing on the premium that these companies can command for their stock prices. So do we get to a point where these digital asset treasury companies might need to sell some of their crypto holdings. Yes. So that's something some have had to consider. There are some digital asset treasury companies that have already had to sell some of their holdings to pay their debt and even strategy which is the original digital asset treasury company and the largest digital asset treasury. They their CEO said on a podcast in November that if their premium that they could get to their Bitcoin holdings fell below one it's something that they would consider too. So for all of these companies it's something they have to think about even if those debt maturities aren't going to be you know for some of them years away. If it gets to a point where they owe these funds and they need to pay them back they might have to sell those holdings or they might have to look at being sold themselves.

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