**Crypto Market Turbulence Hits Companies Holding Bitcoin and Other Digital Assets**

The recent drop in the crypto market is causing trouble for companies that hold large amounts of digital currencies like Bitcoin, Ether, and Solana. These companies, known as digital asset treasury (DAT) firms, are seeing their stock prices fall as crypto values decline.

Many of these firms started buying digital assets to boost their financial strength, especially after the success of Michael Saylor’s company, Strategy, and growing support for crypto from political figures like former U.S. President Donald Trump. As crypto prices soared earlier this year, more and more publicly traded companies jumped into the trend.

However, the recent sell-off in riskier assets—driven by fears of a possible AI bubble and uncertainty about the U.S. Federal Reserve’s interest rate plans—has pushed Bitcoin down to its lowest level since April. As a result, DAT companies are now under pressure.

Data from The Block shows that at least 15 digital asset treasury firms are now trading below the value of the cryptocurrencies they hold. This means their stock prices are worth less than the actual value of their Bitcoin and other tokens.

Standard Chartered analysts previously warned that these DAT companies—holding around 4% of all Bitcoin, 3.1% of Ether, and 0.8% of Solana—could start to impact token prices more broadly. They also expect some companies in this space to merge or shut down due to market stress.

Strategy, the company that helped kick off the corporate Bitcoin-buying trend, has seen its share price drop nearly 36% in November alone. Meanwhile, many newer DATs have also suffered big losses after peaking earlier in 2025.

As the competition among Bitcoin-holding firms increased, some shifted focus to Ethereum (Ether). Companies like Bitmine and Sharplink Gaming began accumulating Ether instead of Bitcoin. Their shares rose when they announced these moves but have since dropped along with the rest of the market.

Unlike Bitcoin, Ether offers an extra benefit called “staking.” This allows companies to earn rewards by helping maintain the Ethereum network, giving Ether-focused DATs another way to grow their crypto holdings beyond just price gains.

Some companies have also started investing in other altcoins like Solana and XRP. Smaller firms are even buying more obscure and risky tokens in hopes of making bigger profits. But this strategy can also make their own stock prices more volatile.

One example is ALT5 Sigma, which launched a DAT strategy centered around collecting tokens from World Liberty Financial—a crypto project linked to the Trump family.

**What Are Digital Asset Treasury (DAT) Companies?**
DAT companies are businesses that hold cryptocurrencies like Bitcoin, Ether, and Solana on their balance sheets as part of their investment strategy.

**Which Cryptocurrencies Do They Hold Most?**
– About 4% of all Bitcoin
– Around 3.1% of all Ether
– Roughly 0.8% of all Solana

These firms are becoming a bigger part of the crypto world—and their rise means they could play a major role in shaping future token prices. But as recent market swings show, this strategy comes with high risks.