U.S. and Canadian digital asset treasury companies experience a 43% decline in median stock prices by 2025.

Stock Price Decline: U.S. and Canadian companies holding digital assets, known as digital asset treasuries (DATs), have seen a median stock price decline of 43% in 2025, with many projected to end the year below their initial valuations.

Challenges for Smaller DATs: Smaller DATs, particularly those investing in volatile tokens, have struggled to raise capital and have experienced significant stock declines, exemplified by Alt5 Sigma Corp.

Corporate Strategies and Debt: Many corporations have borrowed funds to finance cryptocurrency purchases, leading to obligations for interest and dividends despite most holdings not generating cash flow.

Market Reactions and Future Outlook: Companies like Strategy Inc. have seen their shares fall from previous peaks, with potential plans to sell holdings to fund dividends if market values drop below asset values, contrasting earlier commitments to hold.