Over 200 public companies adopted digital asset treasury strategies during 2025, riding the wave of enthusiasm that MicroStrategy had surfed for years. The idea was simple enough: buy crypto, hold it on the balance sheet, and watch your stock trade at a premium to the underlying token value.
When token prices corrected, these stocks didn’t just follow crypto down. They cratered, with declines ranging from 80% to 95%. Aggregate market-cap losses across the digital asset treasury sector exceeded $60 billion.
Perhaps the most telling detail: many of these stocks sank below the value of the tokens they actually held.
The AI rebrand shuffle
ALT5 Sigma rebranded as AI Financial Corporation, trading under the ticker AIFC, in April 2026. It launched a dedicated AI business unit while still maintaining a large treasury position in World Liberty Financial tokens.
