‘Bumpy Ride Ahead’ For Crypto Treasury Firms As Strategy, Metaplanet, BitMine Shares Nosedive
As competition to build crypto treasury firms accelerates, shares of market leaders like Strategy, Metaplanet, and BitMine are taking a beating. Metaplanet has plummeted more than 31% over the past month, BitMine Immersion Technologies has shed 18% of its value, while Strategy (formerly MicroStrategy) shares have plunged 15%. Those falls came exactly as firms around the world found crypto treasury religion. In the last month alone, the number of corporate Bitcoin holders has soared above 300 after 21 new companies joined the trend. Combined, Bitcoin treasury firms now hold 3.7 million BTC. Digital Asset Treasury Companies (DATCOs) held over $100 billion in digital assets at the end of July, according to Galaxy Research, with $93 billion in BTC and more than $4 billion in ETH, led by BitMine and SharpLink Gaming. Treasury companies have launched holdings in at least ten other digital assets, including SOL, XRP, BNB, and HYPE. A `Bumpy Ride Ahead,’ Says NYDIG Greg Cipolar...