Digital-asset treasury companies have lost roughly $50 billion in combined market value, and shareholders are now pushing back. Retail investors are venting online while institutional holders challenge boards through votes and takeover proposals, with Solana-focused Sky AI facing scrutiny and Michael Saylor's Strategy standing out as an exception.
Shareholders in digital-asset treasury (DAT) firms are turning up the pressure on management after combined losses across the sector reached roughly $50 billion. Retail investors are becoming more vocal online, while institutional investors are pushing for changes through shareholder votes, takeover proposals, and challenges to compensation plans.
Investors bought into these stocks expecting the companies' crypto holdings to rise in value and, at times, for the shares to trade at a premium to the crypto they held. But now that crypto prices and these stocks have fallen sharply, shareholders are questioning whether management is using their money effectively.
A $50 billion decline, not a single loss
According to Bloomberg, the roughly $50 billion in cumulative losses reflects the decline in the value of these publicly traded treasury companies, not $50 billion that shareholders lost in one event. Artemis data shows publicly listed DATs whose main treasury strategy focuses on Bitcoin and Ethereum now carry a combined fully diluted market value of around $90 billion, about 40% below the sector's previous peak. That figure excludes companies built around smaller altcoins such as Solana.
Sky AI's Solana treasury unravels
Sky AI, formerly Sharps Technology, illustrates the scrutiny facing smaller DATs. The company raised more than $400 million to build a Solana treasury. Its stock has since fallen nearly 90% since August 2025. Forward Industries, another Solana DAT that previously attempted to acquire Sky AI, is now opposing its proposed 7.2% equity allocation for about 30 employees, worth roughly $4 million at current prices. Investors are also questioning Sky AI's warrants, including one granted to a strategic advisor with an estimated $101.3 million accounting fair value.
Strategy bucks the trend
Metaplanet faced similar backlash after its stock fell about 84% from its June 2025 peak, with retail investors criticizing its incentive structure and potential dilution from warrants. The company subsequently canceled certain warrants reportedly worth around $220 million.
Michael Saylor's Strategy, meanwhile, saw a different outcome after losing momentum earlier. The largest Bitcoin DAT repurchased $139 million of STRC preferred stock. That pushed its holdings to 845,050 BTC, worth $65.83 billion, alongside $6.4 billion in USD assets.
Source: AMBCrypto
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