The third quarter is resulting to be a difficult period for the companies that followed in the footsteps of Michael Saylor’s strategy (previously known as Microstrategy).
The prices of the shares of these companies are falling as their total shares value is based below the value of their cryptography holdings.
Several bonds of digital assets, or dats, began buying their own shares. FT Nikou Asgari reporter says that this can be a sign of imminent collapse.
Summary
- The prices of the actions of several strategy imitators achieved their maximum point shortly after the announcement of the cryptocurrency pivot.
- Now they have to borrow up to $ 250 million to repurchase their shares, since they expect the move to drive the price.
- The trend is aligned with the general turbulence of the Digital Assets Treasury sector. Many of them have a lower value than the bitcoins they possess.
Repurchase
An FT report focuses on seven relatively small companies whose corporate trip of Bitcoin has turned out to be difficult. The article names Semler Scientific, Ethzilla, Empery Digital, CEA Industries, Metaplanet, Sharplink Gaming and Ton Strategy. Five of them now have market capitalization below their Bitcoin holdings.
Most of them made a cryptographic pivot only a few months ago. Pivot’s announcement was generally followed by a powerful short -term increase in shares prices and a subsequent decrease. In recent weeks, all these companies have resorted to buy their shares, hoping that the prices of their shares will increase.
These companies need to exchange actions above their underlying cryptographic assets. Otherwise, they will not be able to follow Saylor’s strategy and continue buying cryptography. These DAT raised dozens and hundreds of millions of dollars in debts to buy their shares.
According to Asgari, these examples mean that they soon come out of what he called “Bitcoin’s treasure madness.” The article provides a comment by Morgan McCarthy, analyst at Kaiko cryptographic analysis company: “It is probably the death rattle for a few [of these companies]. ”
McCarthy suggests that these companies are trying to buy time with the hope that they will capitalize on the next cryptographic rally.
At the same time, Asgari points out that shares are not specific to corporate crypto treasure bonds. It is a common strategy of companies that seek to increase the price of their shares.
Semler Scientific and Stive Asset Management Fusion
While FT’s article raises a question if the accumulation of digital assets is a profitable strategy, it suggests that collapse is not the only possible scenario. Asgari shows that Bitcoin treasure companies fighting can become objectives for acquisitions. An example of this is Semler Scientific, which was bought by Strive Asset Management from Vivek Ramasswamy on September 22. The fusion created the third largest Bitcoin Treasury (at 10,900 BTC) and a 210% premium for Semler’s shareholders.
The host of the wolf podcast of all the streets, Scott Melker, suggested that this agreement can mark the beginning of the consolidation of Bitcoin’s corporate space. He added that Semler’s scientific acquisition is not the last fusion and “almost surely not the greatest.”
Was Paper Bitcoin Summer ‘hot?
In the first half of 2025, Bitcoin Treasury companies were a really publicized theme. However, for July, there were several companies that tried to repeat Saylor’s success through the commitment of other cryptocurrencies, including Ether, Dogecoin, Official Trumpand several other cryptography assets.
Almost at the same time, it was clear that many BTC treasure bonds work badly. One of the most notorious examples is David Bailey’s Nakamoto stock that sank more than 50% In a single day.
DL News cites a former Goldman Sachs analyst, Dom Kwok, saying That the prices of the shares diverge from the underlying cryptography prices, away from the investors.
One of the notable signals that digital asset treasure companies face problems is that Metaplenet is also considering a possible repurchase of actions. The Japanese Metaplanet company is the largest head of BTC corporate in the region and the fifth largest corporate treasure in the world.
The company’s CEO, Simon Gerovich, said the company will possibly be repurchased and launch preferred actions. It can happen if the company’s market capitalization slides below the value of its BTC balance.
https://twitter.com/dgt10011/status/193978729463585862
More than that, the creator of the BTC Treasury Business Playbook, the strategy itself, also faces some turbulence. At the end of August, the strategy lost about 15% of its value, effectively losing the premium about its Bitcoin holdings.
In 2025, the strategy published a series of favorite actions, raising criticism about the dilution of assets or even “Ponzi vibrations.” When Ethereum and other cryptocurrencies began stealing the program in July, Bitcoin Treasury bonds lost their attention a bit, losing the money from investors so necessary. As the company continues to buy Bitcoin (it currently owns more than 630,000 BTC), MSTR shares continue to decrease.
In 2024, the total value of MSTR was 2.5 to 3 times greater than the value of Bitcoin Holdings of the strategy. However, in August 2025, these figures approached significantly. He stimmed the interest of investors and limited the company’s opportunities for the continuation of its strategy. In September, strategy refused By the S&P 500 committee, although many believed that the company fits perfectly to the index.
While the trend does not necessarily mean that digital asset treasure bonds will disappear in the short term, some ambitious projects backed by top -level investors continue to emerge. However, they appear in the same reality where treasure companies are losing popularity and enjoy smaller yields.
A remarkable example is the optimist, a highly publicized company backed by Peter Thiel. It was released in August. The bullish faces similar problems. Its current value is almost identical to the value of your Bitcoin holdings. Time will say whether consolidation, in the form of mergers or otherwise, will save Bitcoin Treasury bonds.
