The only thing these companies will be mining in a year is Chapter 11 paperwork.
WSJ
Small companies are pouring billions into bitcoin and lesser-known cryptocurrencies — raising big questions about risk, regulation, and what could go wrong if the market turns.
— First Squawk (@FirstSquawk) July 26, 2025
We have eclipsed peak insanity.
In just two months, 98 companies have raised $86 billion to buy cryptos. A Japanese hotel operator, a French semiconductor, a Florida toy maker, a nail-salon chain, an electric-bike maker—all plowing cash into tokens.https://t.co/agtulp5SiP pic.twitter.com/TYKy0tX9pc
— JaguarAnalytics (@JaguarAnalytics) July 26, 2025
Most of these companies are using debt or equity dilution to fund purchases. If token prices drop, they’re exposed. If their stock trades below net asset value, ATM programs collapse. Matthew Sigel at VanEck warned that “a bear market could annihilate these companies.” He recommends suspending ATM offerings if shares fall below 95% of NAV for 10 days. No one’s listening.
https://beincrypto.com/how-much-global-firms-spent-on-crypto-2025/
http://www.eblockmedia.com/news/articleView.html?idxno=24673
https://www.fool.com/investing/2025/07/25/which-companies-hold-the-most-bitcoin-and-should-y/
https://www.ccn.com/education/crypto/bitcoin-demand-surge-2025-whos-selling/
https://www.cryptopolitan.com/nasdaq-nyse-companies-btc-investments-2025/