On 9 November 2025, major public companies that have built large crypto-holdings (“crypto-treasuries”) are showing steep declines. For example, firms that mirrored Bitcoin and Ether exposure are down 23%-50% this year amid weakening crypto prices and macro uncertainty. Analysts say the business model of using corporate balance sheets to amplify crypto exposure is collapsing under mounting debt costs and investor scrutiny. The trend may force a rethink of how institutions treat crypto on-balance sheet.