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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.

Circle Stock Soars Further After Explosive NYSE Debut

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Stablecoin issuer Circle Internet extended its remarkable rally on Friday, with shares surging another 48% following its blockbuster debut on the New York Stock Exchange a day earlier. The stock hit an intraday high of $123.49 — nearly quadrupling its $31 offer price — valuing the company at approximately $32.1 billion on a fully diluted basis.

Circle’s impressive performance not only highlights investor enthusiasm for digital asset companies but also signals renewed momentum in the broader IPO market, which has been cautiously reopening after years of volatility tied to tariffs and geopolitical uncertainty. “This is big enough that it extends beyond crypto,” said Matt Kennedy, senior strategist at Renaissance Capital, noting the IPO market’s accelerating recovery.

While the Circle listing was primarily a crypto event, Wall Street executives emphasized its broader implications. NYSE President Lynn Martin called Circle’s debut a bellwether for the IPO market in 2025, while Nasdaq CEO Adena Friedman remarked that investors are increasingly willing to put capital to work despite persistent global uncertainty.

Lukas Muehlbauer, research analyst at IPOX, observed that many of the successful recent IPOs have come from sectors less vulnerable to international supply chain disruptions, including AI, defense, and fintech. “It wouldn’t be surprising if the pipeline stays more active in coming months,” he said.

The IPO pipeline already shows signs of strengthening. Digital banking startup Chime is set to go public next week, while cancer diagnostic firm Caris Life Sciences has also recently joined the IPO queue.

The broader market recovery has been aided by a growing belief that tariff uncertainties — while ongoing — may have less impact on certain high-growth sectors. IPO market participants expect moderate activity over the summer with a stronger rebound anticipated in the fall.

Gemini Files Confidentially for U.S. IPO as Crypto Markets Regain Strength

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Gemini, the cryptocurrency exchange founded by billionaire twins Tyler and Cameron Winklevoss, has confidentially filed for an initial public offering (IPO) in the United States, as digital asset firms capitalize on renewed strength in crypto markets. This move comes amid a surge of successful listings, particularly in high-risk sectors like crypto and fintech, signaling a revival of capital market activity.

The IPO wave reflects pent-up demand after years of regulatory uncertainty and market volatility. Earlier this week, stablecoin issuer Circle made a strong debut on the New York Stock Exchange, encouraging other crypto firms to consider public offerings. “Pre-IPO crypto companies would be crazy not to move ahead with listings after seeing how Circle traded,” said Matt Kennedy, senior strategist at Renaissance Capital.

Gemini has not yet disclosed the size or price range of its offering. The exchange currently offers trading and storage for over 70 cryptocurrencies and aims to join a growing list of crypto-native companies seeking mainstream investment. Kat Liu, vice president at IPOX, noted that Gemini’s filing adds to the sector’s momentum and reflects the growing readiness of digital asset firms to engage with public capital markets.

The timing for Gemini’s IPO coincides with a dramatic rise in the global cryptocurrency market, now valued at approximately $3.3 trillion, with Bitcoin trading above $100,000, according to CoinMarketCap. The recent approval of U.S. spot Bitcoin ETFs has drawn billions of dollars from institutional investors eager for crypto exposure.

Michael Ashley Schulman, CIO at Running Point Capital Advisors, said, “A successful listing would confirm that the crypto thaw is real.” He added that if the trend continues, the IPO calendar could rapidly fill up with fintech, AI, and other tech-related offerings.

This renewed optimism marks a stark turnaround for the crypto industry, which was rocked by the collapse of FTX in 2022 and years of global regulatory scrutiny. However, recent political developments have also helped boost sentiment, with U.S. presidential candidate Donald Trump declaring his support for the sector and pledging to be a “crypto president.”

In May, Coinbase made history by becoming the first U.S. crypto-focused company to join the S&P 500, solidifying crypto’s growing presence in traditional financial markets. Gemini’s IPO filing further underscores the sector’s accelerating financial maturity and its efforts to integrate more deeply into global capital markets.