Digital-Asset Treasury Firms Suffer as Bitcoin Falls Below $117K

I see the sharp sell-off in digital-asset treasury firms as a direct reaction to Bitcoin slipping below $117,000 and Ether sliding toward $4,400. Firms holding large unhedged crypto treasuries are taking headline losses and facing liquidity stress.

In the near term I expect elevated volatility and downside risk as mark-to-market losses and margin pressures propagate through balance sheets. Survivability will depend on leverage, cash buffers and transparency.

I would cut unhedged exposure to treasury-heavy issuers, favor companies with clear hedging or strong liquidity, and use hedges or defensive rebalancing rather than adding risk now.