This article first appeared on GuruFocus.

Bitcoin’s (BTC-USD) sharp pullback is putting fresh pressure on digital-asset treasury companies, the publicly traded firms built to give investors exposure to crypto balance sheets. According to Artemis data, the combined market value of fully diluted Bitcoin treasury company stocks has dropped to about $72 billion from nearly $134 billion at its most recent peak in early October, erasing $62 billion in value. Bitcoin has fallen about 14% this week to around four-month lows, with the latest pressure partly tied to Strategy Inc.’s (NASDAQ:MSTR) first Bitcoin sale since 2022. The move has not looked as disorderly as last October’s crash, but the damage across DAT stocks has been much deeper…