Omid Malekan, a visiting professor at Columbia Business School and author on blockchain, has warned that some crypto-buying firms that aimed to create sustainable value have in fact led to “mass exodus and asset sales” and played a significant role in driving down prices.
Malekan stressed that few of these companies were truly looking to create sustainable value, and most simply saw the model as a way to get rich quick. They bought up large volumes of tokens using equity, convertible bonds, and debt, increasing the risk of market declines through leverage.
In 2025, the number of crypto treasuries has increased dramatically; according to Bitwise, 48 new firms have added Bitcoin to their balance sheets, holding a total of over 1 million Bitcoin, worth over $101 billion. Ethereum has also been added to the treasuries of 70 firms, holding a total of over 6 million ETH, worth over $20 billion.
This trend suggests that DATs (digital treasury companies), especially if leverage increases and forced sales occur, can exacerbate volatility and selling pressure in the market.
