Crypto treasury companies' shareholders have cumulatively lost approximately $50 billion, with investors intensifying scrutiny over compensation and related-party transactions.

BlockBeats news, September 18 — According to Bloomberg, as digital asset treasury companies' stock prices remain sluggish and shareholders have cumulatively lost approximately $50 billion, retail and institutional investors are intensifying scrutiny of employee compensation, equity incentives, and related-party transactions at the companies involved. Artemis data shows that the fully diluted market capitalization of listed treasury companies investing in Bitcoin and Ethereum is currently approximately $90 billion, down about 40% from its peak.

Solana treasury company SkyAI's stock price has fallen nearly 90% since completing its transformation financing in August 2025. Forward Industries is calling on shareholders to oppose its equity incentive plan, which proposes reserving 7.2% of the company's shares for 30 employees, valued at approximately $4 million at current prices. Forward also questioned SkyAI's payment of consulting fees and issuance of warrants to a company controlled by the relatives of its chief investment officer. SkyAI responded that the relevant arrangements have been reviewed by the board of directors and publicly disclosed.

Bitcoin treasury company Metaplanet's stock price has fallen 84% from its June 2025 high. Facing investor criticism over executive incentives and equity dilution, the company canceled some warrant arrangements and will hire independent external experts to redesign its compensation plan. Nakamoto, led by David Bailey, has also seen its stock price drop 99% from last year's peak. Its use of stock to acquire two other companies led by Bailey has been questioned by some market participants as a potential conflict of interest.