The third quarter turns out to be a difficult period for companies that followed the traces of Michael Saylor’s strategy (previously known as Microstrategy).
The equity prices of these companies slide as their total value of the value drops below the value of their cryptographic participations.
Several treasury vouchers of digital assets, or dats, have started to buy their own actions. FT Nikou Asgari journalist says it can be a sign of imminent collapse.
Summary
- The stock prices of several strategy copies culminated shortly after the announcement of the cryptocurrency pivot.
- Now they have to borrow up to $ 250 million to buy their actions because they hope that the move will increase the price.
- The trend is aligned with the overall turbulent turbulence of digital assets. Many of them have a value lower than that of the bitcoins they hold.
Redemptions
An FT report focuses on seven relatively small companies whose Bitcoin voyage of companies has proven to be difficult. The article appoints Semler Scientific, Ethzilla, Empèry Digital, CEA Industries, Metaplanet, Sharplink Gaming and Ton Strategy. Five of them now have a market capitalization below their Bitcoin participations.
Most of them made a crypto pivot only a few months ago. Pivot’s announcement was generally followed by a powerful short -term increase in equity prices and a later decline. In recent weeks, all of these companies have used the repurchase of their actions, hoping that this will increase their share prices.
These companies must exchange actions above their underlying cryptographic assets. Otherwise, they will not be able to follow Saylor’s strategy and continue to buy crypto. These dates have collected dozens and hundreds of millions of dollars in debt to buy their actions.
According to Asgari, these examples mean the end of what he called “Bitcoin Treasury Craze”. The article provides a comment by Morgan McCarthy, analyst of an analysis company of Crypto Kaiko: “This is probably the rattle of death for some (of these companies).”
McCarthy suggests that these companies are trying to buy time in the hope that they will capitalize on the next cryptography rally.
At the same time, Asgari notes that share buybacks are not specific to the company’s treasury bills. It is a common strategy of companies that seek to increase the price of their shares.
SEMLER Scientific and Strve Asset Management Fusion
Although article FT raises whether the accumulation of digital assets is a profitable strategy, it suggests that collapse is not the only possible scenario. Asgari shows that Bitcoin cash companies in difficulty can become objectives for acquisitions. Such an example is Semler Scientific, which was bought by the management of the assets of Vivek Ramaswamy on September 22. The merger created the third Bitcoin Treasury (at 10,900 BTC) and a 210% bonus for shareholders to Semler.
Podcast host Wolf of All Streets Scott Melker suggested that this agreement could mark the start of the consolidation of the corporate bitcoin space. He added that the scientific acquisition of Semler is not the last fusion of this type and “almost certainly not the greatest”.
“Paper Bitcoin Summer” was he hot?
In the first half of 2025, Bitcoin cash companies were a really excited subject. However, in July, several companies tried to repeat the success of Saylor by betting on other cryptocurrencies, in particular Ether, Dogecoin, official Trump and various other cryptographic active ingredients.
Above at the same time, it has become clear that many BTC vouchers work badly. One of the most notable examples is David Bailey’s Nakamoto stock which plunged more than 50% in a single day.
DL News quotes a former analyst of Goldman Sachs, Dom Kwok, saying that the equity prices diverge from underlying cryptography prices, moving investors.
One of the notable signs that digital cash companies are faced with problems is that Metaplanet also envisages a possible acquisition of shares. The Japanese company Metaplanet is the largest holder of the BTC of the region in the region and the fifth largest corporate bitcoin treasure in the world.
The CEO of the Company, Simon Gerovich, said that the company would eventually make buybacks and publish privileged actions. This can happen if the market capitalization of the company slides below the value of its BTC assessment.
More than that, the origin of the BTC Treasury Business Bookbook, Strategy itself, is also faced with turbulence. At the end of August, the strategy lost around 15% of its value, losing the premium effectively compared to its Bitcoin holdings.
In 2025, Strategy published a series of privileged actions, arousing criticism on the dilution of assets or even the “vibrations of Ponzi”. While Ethereum and other cryptocurrencies began to fly the show in July, the Bitcoin vouchers have somewhat lost their spotlight, losing money from essential investors. While the company continues to buy Bitcoin (currently holding more than 630,000 BTC), the MSTR action continues to drop.
In 2024, the total value of MSTR was 2.5 to 3 times larger than the value of Bitcoin Holdings of Strategy. However, in August 2025, these figures became remarkably close. He has undermined the interests of investors and limited the company’s opportunities to continue his strategy. In September, the strategy rejected by the S&P 500 committee, although many thought that the company corresponds perfectly to the index.
Although the trend does not necessarily mean that digital assets of assets will soon disappear, certain ambitious projects supported by high -level investors continue to emerge. However, they appear in the same reality where cash companies lose popularity and benefit from small yields.
A notable example is optimistic, a company highly entirely supported by Peter Thiel. He was launched in August. The bullish is faced with similar problems. Its current value is almost identical to the value of its Bitcoin holders. Time will tell us if consolidation, in the form of mergers or otherwise, will save Bitcoin vouchers.
