Bloomberg: The median stock price of digital asset financial companies (DAT) in the United States and Canada plummeted by 43% in 2025
According to a report by Bloomberg, 2025 is an exceptionally harsh year for companies in the United States and Canada that have incorporated digital assets into their corporate reserves.
These companies, known as 'digital asset holding companies,' have seen their median stock price plummet by 43%, turning the once-popular digital asset holding strategy into the worst-performing sector of the year.
This trend began when Michael Saylor transformed Strategy into a publicly listed Bitcoin holding giant, which subsequently inspired hundreds of companies to follow suit. At the peak of the frenzy, some companies' stock prices even soared far beyond the value of the cryptocurrencies they held.
However, this enthusiasm, detached from fundamentals, has quickly dissipated. Data suggests that about 70% of such companies may end the year with market values lower than at the beginning of the year.
The core reason for these companies' troubles stems from structural defects in their business models, as they heavily leveraged debt (with relevant financing exceeding $450 billion in 2025) to purchase crypto assets.
Yet, these assets themselves generate almost no cash flow, making it impossible to cover ongoing rigid expenses such as debt interest payments and dividends. As analysts have noted, once investors realize that 'holding' does not create economic value, they choose to exit.
Strategy, as an industry bellwether, has not been spared either, with its stock price plummeting over 65% from its July peak. The recent remarks by its CEO regarding 'selling Bitcoin to pay dividends' starkly contrast with the founder's vow of 'never selling.'
All these phenomena collectively signify a complete reversal of the industry trend. Meanwhile, small and medium-sized companies betting on high volatility and niche tokens are particularly hard-hit, with stock prices generally experiencing devastating declines.
In summary, the previously sought-after simple 'holding narrative' has indeed gone bankrupt, forcing the stock prices of related companies to return to fundamentals, re-anchoring their asset liquidity, cash flow generation capability, and overall financial health.
This value correction process has not only dealt a heavy blow to the involved companies but has also significantly negatively impacted the prices of mainstream crypto assets, sounding alarm bells for the entire crypto asset holding sector.
