Digital asset treasury companies are struggling as the crypto downturn wipes out billions in balance sheet value. Evernorth faces $78 million in unrealized losses on XRP, while BitMine deals with $2.1 billion in Ether paper losses. Bitcoin and Ether drops are hitting firms hard, including Strategy losing 26% in stock value. Galaxy Digital CEO predicts the peak of treasury companies has passed, with attention shifting to scalability. The boom in treasury companies was fueled by U.S. regulations, but saturation could hinder new entrants. Retail investors have lost $17 billion chasing Bitcoin exposure through public companies.

Read more at Yahoo Finance: Crypto Treasuries Take a Hit as Month-Long Market Slump Erodes Balance Sheets