Crypto treasury firms holding BTC, ETH, and XRP are seeing unrealized losses in their portfolio. This is amid the recent month-long downturn in the market that exposed the risks of holding crypto as treasury assets.
Crypto Treasury Firms Face Steep Valuation Losses
The crypto crash has wiped billions from company treasuries that invested heavily in digital assets. Market data shows that top crypto treasury firms have watched their valuations plummet as prices tumbled sharply throughout October, including those with heavy exposure to BTC, ETH, and XRP.
CryptoQuant shared a recent analysis highlighting the losses. Evernorth, who barely entered the market for XRP, has logged around $78 million in unrealized losses. This comes just more than two weeks after investing almost $947 million into the token. Current holdings are around $868 million.
Bitcoin is under pressure, and so are the Treasury Companies.
Not just those holding BTC, but altcoin treasuries too.
Example: Evernorth’s $XRP stake is already down $78 million in unrealized losses, barely 2.5 weeks after entry.
And that’s not all 👇 pic.twitter.com/FX0dQzGAoe
— CryptoQuant.com (@cryptoquant_com) November 7, 2025
Bitcoin and Ethereum treasuries have also taken a heavy hit. Strategy has shed more than 50% from its stock price. The shares now change hands at the low end of their valuation range relative to Bitcoin.
At the same time, Japan’s Metaplanet is sitting on an unrealized loss of about $120 million. Its stock is also down nearly 80% from its peak.
Source: CryptoQuant; Metaplanet Profit Loss Chart
Importantly, BitMine added 442,000 ETH to its Ethereum reserves after the market wipeout on October 10. However, it still reports an estimated $2.1 billion in paper losses.
Expert Questions the Sustainability of DATs
Some experts are concerned that certain companies may be looking at crypto treasury strategies as leveraged bets rather than as protection for their long-term finances. Omid Malekan, blockchain author, criticized the wave of “digital asset treasuries” (DATs).
He suggested that many were set up as “get-rich-quick schemes” rather than disciplined corporate initiatives.
Malekan mentions that many DAT projects started off with unrealistic expectations. These issues lowered their value even before the companies started operating.
He mentioned that some founders and venture capitalists place themselves on boards. This creates conflicts of interest, encouraging quick selling of tokens. This is a case he said has increased selling pressure in the crypto market.
“Many of these projects became exit vehicles for insiders,” said Malekan. “By releasing their unlocked tokens into the market, they accelerated price declines and shattered investor trust.”
The loss in value occurred earlier when expert ETF analyst Nate Geraci suggested the new crypto ETF standard could affect the valuation for many digital asset treasury firms.
