Shareholders Lose Approximately $50 Billion, Investors Scrutinize Compensation and Related Transactions

On September 18, the stock price of digital asset treasury companies continued to languish, with shareholders incurring cumulative losses of approximately $50 billion. Retail and institutional investors are intensifying their scrutiny of employee compensation, equity incentives, and related transactions at these companies. According to Artemis data, the fully diluted market capitalization of publicly traded treasury companies investing in Bitcoin and Ethereum is currently about $90 billion, down approximately 40% from its peak.

SkyAI, a treasury company for Solana, has seen its stock price drop nearly 90% since completing its transformation financing in August 2025. Forward Industries is urging shareholders to oppose its equity incentive plan, which proposes to allocate 7.2% of the company's shares for 30 employees, valued at approximately $4 million at current prices. Forward also questions SkyAI's payment of consulting fees to a company controlled by a relative of its Chief Investment Officer and the issuance of warrants. SkyAI responded that the relevant arrangements have been reviewed by the board and publicly disclosed.

The stock price of Bitcoin treasury company Metaplanet has fallen 84% from its peak in June 2025. In response to investor criticism regarding executive incentives and equity dilution, the company has canceled some warrant arrangements and will hire independent external experts to redesign its compensation plan. Nakamoto, led by David Bailey, has seen its stock price drop 99% from last year's peak, with its acquisition of two other companies led by Bailey raising concerns of conflicts of interest among some market participants.

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