Shareholders of crypto treasury firms have incurred cumulative losses of roughly $50 billion, as investors intensify their scrutiny of executive compensation and related-party transactions.

According to a Bloomberg report, as shares of digital asset treasury companies remain sluggish, with shareholders having lost roughly $50 billion in total, retail and institutional investors are stepping up scrutiny of employee compensation, equity incentives, and related-party transactions at these firms. Artemis data shows that the fully diluted market capitalization of listed treasury companies investing in Bitcoin and Ethereum is currently around $90 billion, down roughly 40% from its peak. Solana-focused treasury firm SkyAI has seen its share price drop nearly 90% since completing its transition financing in August 2025. Forward Industries is urging shareholders to vote against its equity incentive plan, which would reserve 7.2% of the company’s shares for 30 employees, worth approximately $4 million at current prices. Forward also questioned SkyAI over consulting fees and warrant issuances paid to companies controlled by the firm’s chief investment officer’s relatives. SkyAI responded that the arrangements were reviewed by the board of directors and publicly disclosed. Bitcoin-focused treasury firm Metaplanet’s share price has fallen 84% from its June 2025 high. Amid investor criticism over executive incentives and equity dilution, the company scrapped some warrant arrangements and will hire an independent external expert to redesign its compensation plan. Nakamoto, led by David Bailey, has also seen its share price drop 99% from last year’s peak. Its use of stock to acquire two other firms led by Bailey has been questioned by some market participants as a potential conflict of interest.