'Deploying More Capital — Steady Lads': Bitcoin Treasury Companies Struggle to Halt Plunge

Core Insights - A wave of crypto asset treasury companies (BTCTCs) has gone public in 2025, aiming to replicate the success of MicroStrategy and potentially benefiting from a lenient U.S. regulatory environment [1] - Investor losses have been significant across BTCTCs, with share prices plummeting prior to the recent decline in Bitcoin's price, which peaked above $126,000 on October 3 [2] - The decline in share prices for BTCTCs over the past three months ranges from 38% to 94%, indicating widespread financial distress within the sector [2] Company-Specific Developments - Metaplanet's CEO, Simon Gerovich, argues that a shift to preferred stock issuance could yield strong returns for shareholders, despite a 70% decline in share price over the past three months [5] - KindlyMD's CEO, David Bailey, has publicly denied comparisons to FTX amid a 94% drop in share price, emphasizing that his company is a regulated entity that buys and holds Bitcoin [6] Market Sentiment and Reactions - The crypto community has adopted a meme referencing a past incident involving Do Kwon, reflecting a general skepticism and concern regarding the stability of BTCTCs [3] - Executives at BTCTCs have been active on social media, defending their business models in light of the recent market turmoil [4]