This year hasn't been easy for publicly listed companies in the US and Canada that specialize in hoarding crypto. Data shows that the median stock price of these crypto treasury companies has dropped by more than half—down 43%, with some losing over 99% of their value.

Last year, these companies were riding high, aggressively raising funds to buy Bitcoin and various tokens, with their stock prices soaring alongside their holdings. But now there's a problem: the tokens they hoard don't generate income, the debts from fundraising carry interest, and issued shares require dividend payments—costs keep piling up. Once investors did the math, sentiment shifted immediately, triggering a wave of sell-offs.

SharpLink Gaming is a classic example, with its stock price plummeting from its peak. This round of correction is a reminder to the market: a business model based solely on hoarding tokens can't withstand a bear market. Without the ability to generate cash flow, stories propped up only by token prices are bound to collapse sooner or later.