Bitcoin Treasury Firms See Share Prices Plunge as Crypto Rally Fades

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Shares of companies that buy and hold bitcoin and other cryptocurrencies on their balance sheets have slumped sharply, reflecting the cooling of the crypto frenzy that has dominated markets through much of 2025.

These “digital asset treasury companies” — firms that raise cash through stock sales or debt to purchase crypto — had soared earlier this year as bitcoin hit record highs and U.S. President Donald Trump threw political support behind the sector. Now, with sentiment fading, many are facing steep reversals.

Key Declines

  • MicroStrategy (Michael Saylor’s firm): Shares slid from $457 in July to $328, their lowest since April, cutting 2025 gains to just 13%.

  • Metaplanet (Japan): Down 60% from June peak, though still up 105% year-to-date.

  • Smarter Web Company (UK): Shares fell 70% since June after pivoting to a bitcoin-buying strategy.

  • Alt5 Sigma: Down 61% from June high, even after announcing a $1.5B deal with Trump’s World Liberty Financial crypto venture.

  • BitMine (Peter Thiel-backed) and GameSquare: Both plunged about 67% since July after ether-buying announcements.

Analysts’ Take

The pullback highlights the speculative nature of these stocks.

  • “These are essentially volatility plays … if bitcoin is down 3%, they’re down four or five times as much,” said Kaiko’s Adam McCarthy.

  • “Beyond their bitcoin exposure, most have only modest fundamentals, so their valuations don’t have much of a cushion,” added Lale Akoner of eToro.

  • McCarthy warned that some firms are “selling a crypto narrative to pump their equity value” rather than building sustainable businesses.

Bigger Picture

  • At least 61 public companies worldwide (outside the crypto sector) have adopted bitcoin treasury strategies, Reuters reported earlier this year.

  • When share prices tank, some firms’ market value dips below their crypto holdings, raising questions about sustainability.

  • Companies also risk losing access to capital markets to fund further crypto purchases when sentiment turns negative.

What’s Next

While treasury-driven crypto hype is faltering, the broader sector remains active. Gemini, the exchange founded by Cameron and Tyler Winklevoss, is set to debut on Nasdaq Friday, targeting a valuation of up to $3.08 billion after raising its IPO price range.

French Lawmaker Seeks Criminal Probe Into TikTok Over Youth Safety

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A French parliamentary committee examining the psychological impact of TikTok on minors has concluded that the platform endangers the health and lives of young users. On Thursday, committee chair Arthur Delaporte announced he had formally asked the Paris public prosecutor to open a criminal investigation into TikTok.

Allegations Against TikTok

Delaporte, a Socialist lawmaker, accused TikTok of:

  • Deliberately endangering minors’ health and lives.

  • Possible active complicity in exposing children to harmful content.

  • Perjury, alleging TikTok executives misled lawmakers during hearings.

“It seems to me that there are offences of a criminal nature,” Delaporte told franceinfo.

TikTok’s Response

A TikTok spokesperson rejected the findings, calling them “misleading” and saying lawmakers were unfairly making the company a scapegoat. TikTok insisted it enforces strict policies to protect teenagers and their families, including dedicated safety features.

Background

  • The committee was formed in March 2024 following a lawsuit by seven families, who claimed TikTok exposed their children to content encouraging suicide.

  • The final report recommended:

    • Ban on social media use for children under 15.

    • Nighttime curfew (10 p.m. to 8 a.m.) for users aged 15–18.

Wider Scrutiny

TikTok, like other platforms, faces global pressure over child safety. Several countries in Europe, as well as Australia, are weighing restrictions on underage social media use.

French President Emmanuel Macron in June voiced support for an EU-wide ban on social media for under-15s, citing youth safety concerns after a fatal school stabbing.

The decision now rests with the Paris prosecutor, who will determine whether to pursue a formal criminal probe.

M&S Digital Chief Steps Down Months After Cyberattack

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Marks & Spencer (M&S) announced on Thursday that Rachel Higham, its chief digital and technology officer, is leaving the company less than a year after a major cyberattack crippled its online operations.

Higham, who joined in June 2023, will be taking a career break, according to an M&S spokesperson. “She has been a steady hand and calm head at an extraordinary time for the business and we wish her well for the future,” the company said.

Fallout from the Cyberattack

  • In May, M&S estimated the hack would cost about £300 million ($405 million) in lost operating profit for the 2025/26 financial year.

  • The retailer said it hoped to offset about half of that hit through insurance payouts and cost controls.

Leadership Reshuffle

Higham’s departure has prompted a broader management shake-up:

  • Sacha Berendji, a long-time M&S executive, will now oversee digital and technology alongside his role in property and store development.

  • Thinus Keeve, retail director since June, will shift to report directly to CEO Stuart Machin.

Market Impact

M&S shares are down 8.5% year-to-date, as investors weigh the financial impact of the cyberattack alongside leadership changes.