Big unrealized losses for the largest Bitcoin & crypto treasury companies!📉 • Strategy: -17.3% • Bitmine: -50.5% • SharpLink: -52.0% • Metaplanet: -35.4% • Forward Industries: -71.2% Many newer treasury companies bought most of their crypto near the market highs and are now 50–70% below their average purchase price. The main risk is not the paper losses, but funding. As long as investors provide new capital, the model works. If companies can no longer raise money or their stock trades below net asset value, getting fresh capital becomes much harder. Many treasury firms believe they can keep increasing the number of coins per share over time. But a long bear market will show which companies are financially strong and which were mainly driven by hype. The next few months could be the biggest test this business model has faced so far.