Crypto treasury stocks surged as companies bought Bitcoin with corporate cash, with some stocks gaining over 2,600% before the bubble burst.

The median digital asset treasury stock has fallen 43% this year; many companies are now worth less than their crypto holdings.

Debt-laden companies may be forced to sell crypto holdings, risking a downward spiral in token prices and broader market contagion.

What began the year as one of the best trades in the stock market has, in a matter of months, turned into one of the worst.

An array of public companies thought they had found a sort of perpetual motion machine: Use your corporate cash to buy up Bitcoin or other digital tokens and presto, your share price shot up even more than the value of the tokens you bought.

It was a playbook invented b

See Full Page