Wall Street has become so intertwined with crypto assets in recent years that a slump in one market now immediately drags down the other.
First, President Donald Trump threatened to impose a 100% tariff on China in mid-October that wiped out $19 billion from the crypto market in a day. Now, the crypto slump is adversely impacting the finances of the digital asset treasury (DAT) companies.
DATs are companies that hold crypto assets like Bitcoin (BTC), Ethereum (ETH), XRP , etc., on their corporate balance sheets, similar to how most companies hold cash.
The onchain analytics platform CryptoQuant recently conducted an analysis of DATs and found out that Strategy (Nasdaq: MSTR), Bitmine Immersion Technologies (NYSE: BMNR), Metaplanet (TSE: 3350.T), and Evernorth are sitting on unrealized losses in the face of the crypto market crash.
Backed by Ripple, Evernorth ventured into XRP treasury operations only on Oct. 20 but it has already seen unrealized losses on its XRP position rise to approximately $78 million within a brief period of 2.5 weeks.
The downtick in Bitcoin's price has rattled Strategy's stock performance too. Founded by Michael Saylor, it is the world's largest Bitcoin treasury firm which currently holds 641,692 BTC worth more than $67 billion on its balance sheet. The company has seen its stock sink 50% lower than its record high.
Metaplanet, the Japanese equivalent of Strategy, has also accumulated an unrealized loss of around $120 million while its stock is 80% lower than its highest price.
Chaired by Wall Street veteran Tom Lee, Bitmine is the Ethereum equivalent of Strategy. Though it added 442,000 ETH to its portfolio during Oct. 10 - Nov. 7, it is sitting on an unrealized loss of $2.1 billion.
It was exactly a month ago that Trump's anti-China statement led to the crypto crash. Since then, BTC's price has dropped 6% to trade at $105,081.42. ETH is similarly down by 8%, trading at $3,520.78. XRP has been able to recover its losses due to its recent weekend rally as it trades at $2.53.
This story was originally reported by TheStreet on Nov 10, 2025, where it first appeared in the Trading News & Analysis section. Add TheStreet as a Preferred Source by clicking here.
