[Shareholders of Crypto Treasury Companies Suffer Cumulative Losses of Approximately $50 Billion, Investors Intensify Scrutiny of Compensation and Related Transactions] BlockBeats News, September 18, according to Bloomberg, as the stock prices of digital asset treasury companies continue to slump, resulting in cumulative shareholder losses of approximately $50 billion, retail and institutional investors are increasing scrutiny of employee compensation, equity incentives, and related transactions within these companies. Data from Artemis shows that the fully diluted market capitalization of publicly listed treasury companies investing in Bitcoin and Ethereum is currently around $90 billion, down approximately 40% from its peak. Solana treasury company SkyAI has seen its stock price plummet nearly 90% since completing its transformation financing in August 2025. Forward Industries has called on shareholders to oppose its equity incentive plan, which proposes reserving 7.2% of the company’s shares for 30 employees, valued at approximately $4 million at current prices. Forward has also raised concerns about SkyAI paying consulting fees and issuing warrants to a company controlled by a relative of its Chief Investment Officer. SkyAI responded that the arrangements had been reviewed by the board and publicly disclosed. The stock price of Bitcoin treasury company Metaplanet has dropped 84% from its June 2025 peak. In response to investor criticism over executive incentives and equity dilution, the company has canceled some warrant arrangements and plans to hire independent external experts to redesign its compensation plan. Nakamoto, led by David Bailey, has also seen its stock price plummet 99% from last year’s peak. Its use of stock to acquire two other companies led by Bailey has been questioned by some market participants over potential conflicts of interest.