Share this article
Digital Asset Treasury Firms Plunge as Bitcoin Tumbles Below $117K, ETH Slides to $4.4K
The crypto rally continues to quickly reverse course just two days after bitcoin surged to a new record and ether soared to a five-year high.
Aug 15, 2025, 3:54 p.m.
What to know:
- Digital asset treasury firms experienced significant sell-offs as the crypto rally lost momentum.
- Strategy (MSTR) fell 3%, down 33% from its November 2024 high. Ether-focused BMNR, SBET posted bigger losses.
- The move coincided with bitcoin and ether sharply reversing from big moves higher less than two days ago.
Digital asset treasury (DAT) firms, seen as high-beta plays on crypto prices, sold off sharply on Friday as the August crypto rally showed signs of exhaustion.
Strategy (MSTR) fell another 3% on Friday, extending its decline to 20% since July’s high and 33% from the November 2024 all-time high. The MSTR/IBIT ratio dropped to 5.43, its lowest since March, signaling continued underperformance against BlackRock’s iShares Bitcoin Trust (IBIT) and a return to levels last seen at the start of the year.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Other bitcoin treasury stocks also declined, with Metaplanet (3350) down 9% and Nakamoto (NAKA) off 12% following the completion of its merger with KindlyMD to form a new bitcoin treasury entity.
Breaking from the trend, KULR Technology (KULR) gained over 5% after reporting second quarter revenue growth of 63% year-over-year, the highest in its history, driven by its bitcoin-first balance sheet strategy.
Firms with ETH-heavy portfolios suffered steeper losses.
Bitmine Immersion Technologies and SharpLink Gaming, the two most prominent Ethereum strategy firms, declined 7% and 14%, respectively, in the early hours of the session.
Solana-focused companies weren't spared either. Upexi (UPXI) plunged over 9%, while DeFi Development (DFDV) was 5% lower.
BTC, ETH, SOL rally cools
The move coincided with bitcoin sliding below $117,000, extending its reversal from Thursday's short-lived spike to $124,000, a new all-time high. Ether tumbled back after challenging its record high above $4,800, now barely holding the $4,400 level.
DATs pursue a strategy to raise funds by selling equity and debt to accumulate cryptocurrencies, a playbook pioneered by Michael Saylor's Strategy. They are seen as a high-beta play on crypto prices, rising more when the underlying asset rallies, but suffering bigger drawdowns when the market cools.
Most crypto-related stocks also traded lower during the session. Bitcoin miner Riot Platform and digital asset conglomerate Galaxy (GLXY) were lower by roughly 8%. Coinbase (COIN) was modestly down 1.6%, while Circle (CRCL) gained 3.5% following the successful completion of a secondary share offering.
Read more: Bitcoin Rally Stalls on U.S. Inflation, Policy Whiplash: Crypto Daybook Americas
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
LUNC Surges Over 160% in a Week as Do Kwon Sentencing and Token Burns Draw Traders
The rally is driven by speculation that a final verdict could bring clarity to the project, as well as technical factors like token burns.
What to know:
- Terra Classic (LUNC) surged 74% to $0.0000072, up 160% in the past week, on exploding trading volume, ahead of Terraform Labs founder Do Kwon's sentencing on Dec. 11.
- The rally is driven by speculation that a final verdict could bring clarity to the project, as well as technical factors like token burns, with 849 million LUNC destroyed in the past week.
- The token's momentum is also fueled by Binance's pause on LUNC withdrawals ahead of the Terra Chain's v2.18 upgrade, which aims to improve network stability, despite the token remaining volatile.
Top Stories
