Digital asset treasury companies are facing greater pressure from shareholders after the value of the entire industry fell by about $50 billion.
Retail and institutional investors are questioning the efficiency of capital use, incentive mechanisms, and the risk of dilution when the stock holdings of multiple companies holding digital assets drop sharply.
MAIN CONTENT
The reduction of about $50 billion reflects the decline in the market value of the listed digital asset treasury companies.
Sky AI and Metaplanet face sharp stock declines along with debates about capital allocation and dilution.
Strategy takes a different direction by repurchasing $139 million worth of STRC preferred shares and increasing its Bitcoin holdings to 845,050 BTC.
Rising shareholder pressure after a sharp drop
The listed digital asset treasuries companies are facing increased scrutiny from shareholders, who are demanding more explanations after the value across the whole sector fell by about $50 billion.
Investors who bought shares did so based on expectations that the value of their cryptocurrency portfolio would rise, and they also believed that shares could sometimes trade higher than the value of the cryptocurrency holdings the business has. When the cryptocurrency and the shares both fall, capital efficiency becomes the top issue.
Retail investors express their views publicly on social media, while organizations push for change through shareholder voting, proposing takeovers, and opposing compensation plans.
What does the $50 billion loss reflect?
The decline of about $50 billion is a drop in the value of listed digital asset treasury companies, not the amount that shareholders necessarily lost in a single event.
According to data reported by Bloomberg, listed companies focused on Bitcoin and Ethereum treasury strategies have a fully diluted market capitalization of about $9 billion in total. This figure is about 40% lower than the previous peak.
The calculation above does not include companies focused on smaller-cap altcoins, such as Solana. Therefore, the impact range of the downturn could cover many different digital asset treasury models.
Sky AI becomes the center of debate within the Solana group
Sky AI, formerly known as Sharps Technology, is an example of the increasingly close scrutiny faced by companies building Solana treasuries.
Sky AI raised more than $400 million to build a Solana treasury, but the company’s stock has fallen by nearly 90% since August 2025.
Forward Industries, another Solana treasury company, previously tried to buy back Sky AI and is now opposing a plan to allocate 7.2% of equity capital to about 30 employees. This capital is worth roughly $4 million at current prices.
Shareholders also questioned Sky AI’s stock purchase rights, including options granted to a strategic adviser with an estimated fair accounting value of $101.3 million.
Metaplanet faces pushback over dilution and incentive mechanisms
Metaplanet faced similar backlash after its stock fell by about 84% from the June 2025 peak.
Retail investors focus on incentive mechanisms and the risk of dilution related to stock purchase rights. Subsequently, the company canceled some purchase rights that were said to be worth about $220 million.
Strategy maintains a different direction
Strategy created different dynamics among Bitcoin treasury companies when it repurchased $139 million worth of STRC preferred shares.
This transaction increases the amount of Bitcoin Strategy holds to 845,050 BTC, worth $65.83 billion, along with $6.4 billion in cash-denominated assets and USD-denominated assets. These holdings strengthen the company’s liquidity position during a period when shares of digital asset treasuries companies face pressure.
Summary
A downturn of about $50 billion has led shareholders to scrutinize more closely how digital asset treasury companies allocate capital, design incentive mechanisms, and handle the risk of dilution. Sky AI and Metaplanet faced strong backlash, while Strategy continues to expand its Bitcoin holdings and maintain liquidity.
Source: https://tintucbitcoin.com/co-dong-phan-doi-co-phieu-kho-bac-crypto-doi-mat-mat-50-ty-usd/
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