Bitcoin Rout Continues As Crypto Treasuries Face Reckoning: Finance...
Growing unrealized losses and falling NAV levels are threatening corporate crypto treasuries, making it difficult to raise capital for future digital asset investments.
Cryptocurrency markets continued their decline for a fourth consecutive week this week, raising concerns over the status of the bull market cycle.
Investor concerns grew on Thursday after a 10X Research report revealed that BitMine Immersion Technologies, the world’s largest corporate Ether (ETH) holder, is sitting on a cumulative unrealized loss of $3.7 billion on its total holdings.
Most digital asset treasuries (DATs) have suffered declines in their net asset value (NAV), making it difficult to raise funds for new investments or to attract new retail investors, leaving existing shareholders “trapped” with growing paper losses, according to 10x Research founder Markus Thiele
DATs are also facing significant pressure from the MSCI stock market index, which is considering excluding corporate crypto treasuries with a balance sheet comprising more than 50% of crypto assets.
The consultation is open until Dec. 31, with the results set to be made public on Jan. 15, 2026. The resulting changes will take effect in February.
Elsewhere, Bitcoin (BTC) sank to a six-month low of $82,000 on Friday, a level last seen in April when the markets were recovering from US President Donald Trump’s Liberation Day tariff announcement, TradingView data shows.
Concerns are mounting over the sustainability of corporate crypto-treasury firms as BlackRock moves forward with a staked Ether fund that analysts say could compete directly with existing digital-asset treasuries.
BitMine Immersion Technologies, the world’s largest corporate Ether holder, is currently down $1,000 per purchased ETH, implying a cumulative unrealized loss of $3.7 billion on its total holdings, according to a Thursday research report from crypto insights company 10x Research.
The decline in net asset value (NAV) across these firms is making it difficult to attract new retail investors while leaving many existing shareholders effectively “trapped” unless they sell at a steep loss, 10x Research founder Markus Thielen wrote in a LinkedIn post.
Source: CoinTelegraph
