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Analyst: Crypto treasury companies may face a wave of sell-offs, falling into a vicious cycle

Analyst: Crypto treasury companies may face a wave of sell-offs, falling into a vicious cycle

金色财经2025/11/26 06:08
BTC+0.27%

Jinse Finance reported, citing the Financial Times, that as cryptocurrencies plummet, crypto treasury companies are scrambling to sell off their token holdings to support their falling stock prices, and the boom in "digital asset treasury" businesses is rapidly collapsing. Strategy, led by Michael Saylor, is the world's largest corporate bitcoin holder, and its stock price has dropped by 50% over the past three months, dragging down the stock prices of many other crypto treasury companies. As Saylor's company's market capitalization has now fallen below the value of its bitcoin holdings, investors are concerned that this business model—which relies on rising cryptocurrency prices and large-scale equity and debt issuance to form a virtuous cycle—is on the verge of unraveling. Adam Morgan McCarthy, Senior Research Analyst at crypto data company Kaiko, stated: These companies will see a wave of sell-offs, and the situation will only get worse. This is a vicious cycle; once prices start to fall, it becomes a race to the bottom.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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