As shares of publicly listed companies that have accumulated cryptocurrency reserves continue to plunge, cumulative shareholder losses have reached approximately $50 billion, intensifying investor scrutiny of corporate governance.
The cumulative losses suffered by shareholders have approached $50 billion as the stocks of publicly listed crypto treasury companies continue to underperform.
The fully diluted market capitalization of publicly listed companies investing in Bitcoin (BTC) and Ethereum (ETH) currently stands at approximately $90 billion. That is about 40% below its peak.
The share price of Solana treasury company SkyAI has fallen by approximately 90% since it completed fundraising to shift its business in August 2025.
Metaplanet, which adopted Bitcoin as a key asset, has also seen its share price fall 84% from its June 2025 peak. After investors criticized executive incentives and stock dilution, the company decided to cancel some warrant agreements and redesign its compensation plan.
As the share-price decline continues, individual and institutional investors are stepping up scrutiny of employee compensation, equity incentives and related-party transactions at these companies.