PANews reported on December 8th, citing Bloomberg, that the median stock price of publicly traded digital asset treasuries (DATs) in the US and Canada has fallen by 43% this year. In contrast, Bitcoin has only fallen by about 6% since the beginning of the year. Ethereum treasury company SharpLink's stock price has fallen 86% from its peak, and its market capitalization is even lower than the value of its digital token holdings. Currently, the company's stock price is approximately 0.9 times the value of its Ethereum holdings. SharpLink previously announced it was abandoning its original gaming business and instead issuing shares to purchase a large amount of Ethereum, causing its stock price to surge by over 2600% in a few days. However, it is relatively fortunate compared to Greenlane, whose stock price has plummeted by over 99% this year despite holding approximately $48 million worth of BRA crypto tokens. Furthermore, the stock price of Alt5 Sigma, a WLFI treasury company supported by Trump's two sons, has fallen by approximately 86% since its June peak.

Some fortunate DAT companies still have market capitalizations higher than their underlying holdings, but most investors who bought near their peak have lost money, and 70% of these companies' share prices are likely to fall below their beginning-of-year levels by the end of the year. The worst performers are publicly traded companies that have avoided Bitcoin in favor of smaller, more volatile tokens. This volatility is at least partly due to the heavy borrowing by these companies when acquiring cryptocurrencies. Meanwhile, for smaller, lesser-known DAT companies, the chances of raising capital are even slimmer as cryptocurrency prices fall and investor enthusiasm wanes.