[Analyst Warns Crypto Treasury Firms May Face Sell-Offs and a Vicious Cycle] On November 26, the *Financial Times* reported that, due to the sharp decline in cryptocurrency prices, crypto treasury firms are offloading large amounts of their token holdings to support stock prices, as the "digital asset treasury" business boom is rapidly unraveling. Strategy, led by Michael Saylor and the world's largest corporate Bitcoin holder, has seen its stock price drop 50% over the past three months, dragging down the stock prices of several other crypto treasury firms. Strategy's market capitalization has fallen below the value of its Bitcoin holdings, raising investor concerns about its business model. Kaiko senior research analyst Adam Morgan McCarthy stated that these companies may experience a wave of sell-offs, creating a vicious cycle of competitive price undercutting.
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