What happened?
The so-called crypto treasury model, meaning corporate strategies built on accumulating digital assets on the balance sheet, is coming under pressure. According to Kryptomagazín.cz, institutional investment products have cut their Bitcoin positions by roughly 10% over the past three months. At the same time, companies that built their entire existence around accumulating BTC are running into difficulties.
Charliedesk treats this news as a signal, not a verdict. The market is sending mixed messages: some players are retreating from the treasury model, while others are betting on it even harder. Below is a breakdown by individual, verified cases.
Treasury (digital asset treasury): a corporate strategy in which a company holds a crypto asset (most often Bitcoin or Ethereum) as part of its balance sheet, often financed by issuing equity or debt.
Who is backing away from the model?
The most striking example of retreat is Trump Media. According to CoinDesk, the parent company of the Truth Social network canceled its agreement with Crypto.com to build a treasury based on the CRO token. According to CoinDesk, the company is returning to its focus on media and to a planned merger with a firm in the fusion energy sector. CoinDesk places this move in a context where the boom around digital asset treasuries has lost momentum.
This is a concrete, documentable retreat by a single company. Whether it reflects a broader trend or a decision specific to Trump Media is not clear from the sources.
Who is adding instead?
Moving in the opposite direction is Sweden's H100. According to Cointelegraph, after completing an acquisition involving 2,455 BTC, the company more than tripled its holdings to 3,506 BTC. According to Cointelegraph, this made it Europe's second largest Bitcoin holder among treasury firms.
Two opposing stories in the same period show that a "treasury model under pressure" does not mean a blanket clearing of positions. It means divergence: some are exiting the model, while others are scaling it up.
Why is the Ethereum variant also under pressure?
The pressure is not limited to Bitcoin. According to CryptoSlate, a proposed Ethereum upgrade, EIP-8363, threatens the base native staking yield that underpins the strategy of SharpLink and its 125 million dollar treasury.
The essence of the proposal, according to CryptoSlate: EIP-8363 would gradually burn a larger share of consensus rewards as the amount of staked ETH grows. At a level of 60.25 million ETH, the model reaches a so-called burn factor of 1 and the net consensus yield falls to zero. CryptoSlate notes that this threshold corresponds to 49.5% of the modeled supply, so "50% staked" is a useful shorthand rather than a precise permanent ratio.
The implication, according to CryptoSlate: if the native yield disappeared, SharpLink would have to rely on more volatile and riskier sources of yield in DeFi in its effort to make the treasury productive.
EIP: Ethereum Improvement Proposal, a formal proposal to change the protocol. A proposal is not the same as an approved and deployed change.
What is fact and what do we not yet know?
Charliedesk separates verified numbers from interpretation.
| Claim | Status |
|---|---|
| Institutional Bitcoin products cut holdings by about 10% over three months | Reported by Kryptomagázin.cz |
| Trump Media canceled the CRO treasury deal with Crypto.com | Reported by CoinDesk |
| H100 holds 3,506 BTC after the acquisition | Reported by Cointelegraph |
| EIP-8363 is a proposal, not an approved change | Reported by CryptoSlate |
| Whether this marks a blanket end of the treasury model | Unverified |
We do not know whether the 10% decline is the start of a longer trend or cyclical fluctuation. We do not know how the vote on EIP-8363 will turn out. And we do not know whether the moves by Trump Media and H100 say something about the whole market or only about the decisions of specific companies.
What to watch out for with this type of news?
This is not a recommendation to buy or sell anything. For treasury models in general, their health depends on how they are financed (equity, debt), on the price of the underlying asset, and on yield mechanisms (staking in the case of ETH). Useful metrics to track: the net change in holdings across firms, the status of the EIP-8363 proposal in the approval process, and whether Trump Media's retreat is followed by other names or remains an isolated case.
Charliedesk is noting this story and will return to it: we will watch whether the 10% decline deepens or reverses.