Crypto treasury stocks slump as shareholder losses reach $50B

Shareholders in publicly listed companies holding cryptocurrency reserves have amassed about $50 billion in losses as the sector’s weak stock performance continues, Bloomberg reported. The fully diluted market capitalization of listed companies invested in BTC and ETH now stands at about $90 billion, down roughly 40% from its peak. Shares of Solana treasury company SkyAI have fallen about 90% since it completed fundraising for a business transition in August 2025. Metaplanet shares have dropped 84% from their June 2025 peak after the company made BTC a core asset. As investors raised criticism over management incentives and share dilution, the company decided to cancel some warrant agreements and redesign its compensation plan. Bloomberg said falling share prices are prompting retail and institutional investors to step up scrutiny of employee compensation, equity incentives and related-party transactions at the companies.