The month-long slide in crypto prices hasn’t just hit major assets like Bitcoin (

Meanwhile, BitMine, the largest Ether-holding corporation, is now sitting on approximately $2.1 billion in unrealized losses tied to its Ether reserves, according to CryptoQuant. 

BitMine currently holds nearly 3.4 million ETH, having acquired more than 565,000 over the past month, according to industry data.

Related: Ripple-backed Evernorth nears launch of publicly traded XRP treasury

Digital asset treasury companies: Echoes of the dot-com bubble

Digital asset treasury companies, or DATs, have come under mounting valuation pressure in recent months, with analysts cautioning that their market worth is increasingly tied to the performance of their underlying crypto holdings.

Some analysts, including those at venture capital firm Breed, argue that only the strongest players will endure, noting that Bitcoin-focused treasuries may be best positioned to avoid a potential “death spiral.” The risk, they say, stems from a collapse in the companies’ market net asset value (mNAV) — a metric comparing enterprise value to the market value of their cryptocurrency investments.

Others have compared the rise of digital asset treasury companies to the dot-com boom and bust of the early 2000s, a period driven by long-term visionaries and innovators, as well as opportunists chasing quick gains.

Ray Youssef, founder of peer-to-peer lending platform NoOnes, predicted that most digital asset treasuries will ultimately fade out or collapse as market realities set in.

Related: Few Bitcoin treasury companies will survive ‘death spiral’: VC Report