Have you noticed a strange phenomenon—those publicly traded companies that hold large amounts of cryptocurrencies often see their stock prices decline more than the drop in their book assets?

It shouldn't be like this. If their balance sheets are holding Bitcoin or Ethereum, their market value should fluctuate in sync with the coin prices. But looking at the historical candlestick charts, every time there’s a major market sell-off, the stocks of these companies tend to fall even more sharply than the cryptocurrencies themselves.

The underlying logic is actually quite painful—investors' confidence in these companies is often much more fragile. The stock prices of crypto-holding companies are influenced not only by the coin prices but also by additional selling pressures such as liquidity premiums, changes in risk appetite, and even policy expectations. When market panic sets in, institutional investors are more likely to sell these "high-uncertainty" stocks, even though the underlying assets are still there. This is called price decoupling—reality is always more complex than theory.