PANews, December 8 — According to Bloomberg, this year the median share price of Digital Asset Treasury (DAT) companies listed in the US and Canada has fallen by 43%. In contrast, Bitcoin has only dropped about 6% since the beginning of the year. The share price of Ethereum treasury company SharpLink has fallen 86% from its peak, with the company’s market capitalization even lower than the value of its digital tokens held. Currently, the company’s stock price is about 0.9 times the value of its Ethereum holdings. SharpLink previously announced it would abandon its original gaming business and instead issue shares to acquire large amounts of Ethereum, causing its stock price to surge over 2,600% within a few days. However, compared with Greenlane, it is still relatively lucky. Although Greenlane holds about $48 million worth of BERA crypto tokens, its stock price has still plummeted over 99% this year. In addition, the share price of Alt5 Sigma, a WLFI treasury company once supported by two of Trump’s sons, has dropped about 86% since its June peak.
Some fortunate DAT companies still have a market cap higher than the value of their underlying holdings, but most investors who bought near the peak have suffered losses, and 70% of these companies’ stock prices may fall below their levels at the start of the year by year-end. Those companies that performed the worst are publicly listed firms that avoided Bitcoin and instead invested in smaller, more volatile tokens. The volatility of these stocks is at least partly due to companies taking on large amounts of debt when acquiring cryptocurrencies. Meanwhile, for lesser-known small DAT companies, as crypto prices drop and investor enthusiasm wanes, opportunities to raise funds are becoming even more scarce.
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