Cryptocurrency organization stocks are losing value against the backdrop of market instability.

The prolonged decline of the crypto market has instantly reflected on public companies using digital currencies as part of their treasury strategy. Their market capitalization has decreased, and the volume of unrealized losses has significantly increased. Strategy stands out particularly, whose shares have been rapidly rising all year. Despite the correction, the company holds about $7.48 billion in unrealized profits. In a recent statement, representatives of the organization reported that at the current price of Bitcoin, their reserves are sufficient to cover dividends for approximately 71 years. On the Myriad platform, the chances that the company will realize part of its own reserves by the end of 2026 are estimated at no more than 6%.

Notable "paper losses" are being recorded by other major cryptocurrency holders as well. BitMine Immersion Technologies, according to information from Bitmine Tracker specialists, has around $4.44 billion in unrealized losses in Ethereum. Metaplanet and SharpLink have lost approximately $683 million and $696 million respectively. The portfolios of Galaxy Digital and Forward Industries have also come under pressure.

The decline in the stock prices of the mentioned companies has led to a reduction in the mNAV ratio, which reflects the relationship between market capitalization and the value of cryptocurrency reserves. At BitMine, the figure has dropped to 0.73x, at SharpLink to 0.82x, and at Forward Industries to 0.74x. According to experts, this will significantly complicate the process of attracting new capital.

TeraHash investment director Armando Aguilar notes that companies are operating in contentious conditions. The value of reserves on paper is falling, but operational activities remain stable.

The main risk, in his opinion, lies in the duration of the market downturn. If the price decline drags on, companies will need to seek new sources of liquidity. Although there is currently no threat of mass liquidations, the sale of digital coins could create additional pressure on the market.