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Wrap crypto in a stock ticker. Call it innovation. Ride the wave.This week, with the crypto complex buckling alongside a tech-stock selloff, that wave is crashing. And some of its biggest promoters — including President Donald Trump ally David Bailey, Ethereum bull Tom Lee and Bitcoin evangelist Michael Saylor — must now deal with the fallout.Bitcoin’s slide below $100,000 for the first time since June has ratcheted up pressure on shares in digital-asset treasury firms, or DATs — Wednesday’s tentative bounce around $103,000 notwithstanding. The average value of tokens held by treasury firms now barely equals their combined market capitalization and debt — down sharply from earlier this year, when the holdings offered a much larger cushion. Retail investors seeking exposure through public companies like Metaplanet Inc., KindlyMD Inc., and Strategy Inc. have lost billions of dollars in value. And that was before the latest selloff.An oversupply of DATs, waning retail and institutional buying, and fierce competition for day-trader capital are breaking what had been the virtuous cycle of this year’s crypto rally.Now, some firms built to hoard tokens are selling into weakness — exerting the very pressure they were meant to offset.To make the model work, crypto hoarders deployed charismatic executives to sell shares and raise debt to buy Bitcoin, Ether and Solana. These frontmen “built products that rely as much on their projected confidence as on fundamentals,” said Rich Rosenblum, co-founder and former co-chief executive officer of GSR, a crypto market maker. “When the technicals crack and the crowd senses doubt, that confidence loop reverses fast.”Bailey, once dubbed crypto’s Trump whisperer, rode the trade to viral fame this spring. Shares in his Bitcoin-buying company, Nakamoto Holdings Inc., soared to as much as $35 after a merger with healthcare services firm KindlyMD in May. They now trade under a dollar.Not content simply to run a DAT, Bailey’s group doubled down by investing in other companies focused on accumulating Bitcoin, including Japanese hotelier Metaplanet — which is run by former Goldman Sachs derivatives trader Simon Gerovich — and The Smarter Web Co. in the UK. After dramatic rises, both stocks are down sharply in recent months.Metaplanet in late October announced plans to start buying back its shares, borrowing up to half a billion dollars to do so via a credit facility secured against its Bitcoin holdings. A growing number of firms whose stated aim is to stockpile tokens are taking even more drastic steps. Sequans Communications S.A. just sold 970 Bitcoin to redeem some of its convertible debt. ETHZilla recently dumped $40 million worth of Ether to shore up its shares.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,815.12 +43.57 (+0.64%)Dow 3047,289.53 +204.29 (+0.43%)Nasdaq23,559.25 +210.61 (+0.90%)Russell 20002,461.83 +34.49 (+1.42%)VIX17.42 -1.58 (-8.32%)Gold3,996.40 +35.90 (+0.91%)PortfolioSign in to access your portfolioSign inTop gainersLMND Lemonade, Inc. 76.60 +17.94 (+30.59%)LITE Lumentum Holdings Inc. 237.41 +49.05 (+26.04%)TDC Teradata Corporation 25.83 +5.12 (+24.72%)VCYT Veracyte, Inc. 43.98 +7.86 (+21.76%)SEDG SolarEdge Technologies, Inc. 38.65 +6.83 (+21.45%)Top losersSLNO Soleno Therapeutics, Inc. 45.26 -18.59 (-29.12%)TREX Trex Company, Inc. 33.74 -13.30 (-28.27%)PINS Pinterest, Inc. 25.90 -7.01 (-21.32%)PRGO Perrigo Company plc 16.37 -3.82 (-18.92%)SUPN Supernus Pharmaceuticals, Inc. 46.24 -10.76 (-18.88%)Most activeNVDA NVIDIA Corporation 201.78 +3.09 (+1.56%)RIVN Rivian Automotive, Inc. 14.73 +2.23 (+17.83%)PLTR Palantir Technologies Inc. 184.56 -6.14 (-3.22%)PLUG Plug Power Inc. 2.5700 +0.0500 (+1.98%)PINS Pinterest, Inc. 25.90 -7.01 (-21.32%)Earnings eventsMy earnings eventsEarnings eventsTrending tickersBTC-USD Bitcoin USD 103,725.09 +1,997.36 (+1.96%)LMND Lemonade, Inc. 77.00 +18.34 (+31.26%)RIVN Rivian Automotive, Inc. 14.83 +2.33 (+18.63%)PINS Pinterest, Inc. 25.96 -6.95 (-21.13%)SLDP Solid Power, Inc. 8.68 +3.07 (+54.60%)Top economic events