Crypto hoarding company shares under pressure as risk appetite wanes

Core Insights - The crypto market is experiencing turbulence, negatively impacting shares of companies holding bitcoin and other cryptocurrencies on their balance sheets [1][2] - The number of publicly traded companies investing in cryptocurrencies has surged this year, driven by a favorable stance from the U.S. government and successful strategies from key players [1] - Concerns over a potential AI bubble and uncertainty regarding U.S. Federal Reserve rate cuts have led to a decline in risk assets, including bitcoin, which has reached its lowest level since April [2] Bitcoin Treasury - Shares of bitcoin treasury companies have significantly decreased from their 2025 highs, with Michael Saylor's Strategy seeing a nearly 36% drop in November alone [4] - At least 15 bitcoin treasury companies are trading below the net asset value of their tokens, indicating stress in the sector [2] Ether Strategy - As the bitcoin treasury sector becomes overcrowded, companies are diversifying into ether, with firms like Bitmine and Sharplink Gaming leading this trend [5] - Shares of these ether-focused companies initially spiked when they announced their stockpiling plans but have since fallen from their 2025 highs [5] Solana and Other Altcoins - Companies are expanding their holdings to include altcoins such as solana and Ripple's XRP, indicating a broader investment strategy beyond bitcoin and ether [7]