Digital asset treasury companies are navigating one of their toughest stretches this year as falling crypto prices pull down both their stock values and the worth of the tokens they hold. Bitcoin, Ethereum, and Solana have all retreated sharply from their October highs, and the decline is rippling across the publicly traded firms built around them.
Data shows that the combined market cap of public crypto treasury companies has dropped from 176 billion dollars in July to about 99 billion dollars today. The broader crypto market has slid as well, dipping below 2.9 trillion dollars for the first time since May. Analysts point to rising ETF outflows and a shaky macro outlook as key drivers.
Alongside the stock downturn, the total value of the crypto these firms collectively hold has fallen from 141 billion dollars in early October to 104 billion dollars as of November 21.
Strategy Remains in Profit, but Pressure Builds
Michael Saylor’s company Strategy (MSTR) continues to hold the largest corporate bitcoin position in the world at 649,870 BTC, accumulated at an average price of 74,433 dollars. The stash is worth roughly 54.5 billion dollars today, leaving the firm with an unrealized gain of just over 6 billion dollars.
As the market dropped:
— Lookonchain (@lookonchain) November 21, 2025
Strategy's 649,870 $BTC($54.52B) bought at $74,433 avg is now sitting on $6.15B(+12.72%) in unrealized profit.
Bitmine's 3,559,879 $ETH($9.75B) bought at ~$4,010 avg is now at an unrealized loss of -$4.52B(-31.67%).
Forward Industries' 6,834,506… pic.twitter.com/i2dRHxkrea
Even so, Strategy’s share price has taken a hit. The stock has dropped 34 percent in the past month and 41 percent since the start of the year. JPMorgan warned this week that the company could face additional pressure if major indices such as MSCI decide to remove the stock, which could trigger billions in outflows.
Despite continued accumulation by public companies, the value of their combined bitcoin holdings has slumped in line with bitcoin’s slide from its record high of around 126,000 dollars to the low 80,000s.
Bitmine’s Massive Ethereum Position Turns Red
Ethereum-focused Bitmine (BMNR) holds more than 3.55 million ETH, purchased at an estimated average of 4,010 dollars. With ETH now trading near 2,745 dollars after a 30 percent monthly decline, the company sits on an unrealized loss of about 4.52 billion dollars.
The downturn has dragged Bitmine’s stock down 44 percent in the last month. Even so, the firm remains significantly up on the year thanks to gains made earlier in 2024.
Solana Exposure Weighs on Forward Industries
Forward Industries (FORD), which expanded its Solana holdings through a 4 billion dollar equity raise earlier this year, owns roughly 6.83 million SOL at an average cost of 232 dollars. With SOL now around 127 dollars, the company faces an unrealized loss of about 711 million dollars.
Forward’s stock has fallen 55 percent over the past month. Still, it remains up 84 percent year-to-date, reflecting Solana’s strong recovery earlier in the year before the current cooldown.
Some Firms Begin Cutting Treasuries to Stay Afloat
The pressure is also leading some treasury companies to actively reduce their holdings. FG Nexus, once aiming to raise as much as 5 billion dollars, sold more than 10,000 ETH to support share buybacks. It is the first major public Ethereum holder to make a meaningful cut to its treasury during this downturn.
