Crypto asset prices are down this week, with digital asset treasury companies losing over 90% of their value due to market saturation and sustainability concerns. Bitcoin treasury company Strategy is down 45% from its all-time high, while BTC is up 10% from its peak. Metaplanet shares have declined by 78% since May.

BTC has hit successive new highs, reaching over $123,000 in August, while Strategy has failed to reach a new all-time high in 2024. Standard Chartered analysts note a collapse in the multiple on net asset value due to market saturation, with 140 public companies adopting a crypto treasury strategy.

Investors and traders fear that crypto treasury companies may exacerbate the next market downturn through forced selling to meet debt obligations. Altcoin treasury plays are faring even worse, with Ether treasury company SharpLink Gaming falling by 87% since May and Solana treasury company Helius Medical Technologies losing over 97% year-to-date.

CEA Industries, a BNB treasury company, has lost 77% of its value since August, trading at $7.75. The decline coincided with BNB’s price rally, reaching a new all-time high of over $1,000 in September. Altcoin season 2025 is approaching, but the rules have changed.

Read more at Cointelegraph: Here’s How They Compare to Holding Spot