Overview

• Shares of Strategy fell from $457 in July to about $328 this week, the lowest since April, cutting its year-to-date gain to 13%.
• Japan’s Metaplanet touched its weakest since May and is down more than 60% from its June peak, though still up about 105% in 2025.
• Smaller pivots have unwound sharp gains, with Smarter Web down more than 70% since June and Alt5 Sigma off roughly 61% to 63% from June highs.
• Companies that touted ether and other token purchases have slid, including BitMine and GameSquare, each down about 67% since July.
• Analysts describe these names as leveraged plays on crypto and warn that reliance on fresh financing heightens vulnerability when sentiment cools.