North American crypto treasury companies' stock prices have generally fallen 43% this year: SharpLink's market cap is actually less than its wallet balance

[Chain News] This year hasn’t been easy for crypto treasury companies. Data shows that the median share price of such publicly listed firms in North America has more than halved—down 43%. In comparison, Bitcoin has only dropped around 6% this year, making this divergence a reason to re-examine the true value of these so-called “on-chain treasuries.”

The worst case is SharpLink. This company abruptly pivoted from gaming to hoarding Ethereum, and its stock price once surged 2600% in just a few days. But the good times didn’t last—since its peak, the stock has plummeted 86%. What’s even more embarrassing is that the company’s market cap is actually less than the value of the ETH in its wallet, with its stock trading at just 0.9 times the value of its holdings.

Greenlane is even more outrageous. Despite holding $48 million in BERA tokens, its stock price has still crashed by over 99% this year. Then there’s WLFI treasury company Alt5 Sigma, tied to Trump’s son, which has also dropped 86% since June.

So, what’s the problem? Many companies have avoided the “big ship” of Bitcoin and instead bet on small-cap, high-volatility tokens. When the market corrected, leverage turned those bets into blow-ups. For lesser-known treasuries, falling token prices meant even fewer fundraising opportunities and a collapse in investor enthusiasm.

While a few companies’ market caps are still above the value of their holdings, most investors who bought at the top are now trapped. At this rate, 70% of DAT companies are likely to close the year with share prices lower than where they started. This round of moves is a textbook example of wealth redistribution.