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Key Takeaways
Which company faced the largest stock drop, and why?
Helius Medical Technologies (HSDT) saw the largest decline, with stock plunging 33.6% after announcing its first Solana purchase of 760,190 tokens for $175.6 million.
How did other notable companies perform?
Strive Inc. (ASST) dropped 4.6%, while Metaplanet and MSTR saw minor declines of 3.13% and 2.56%, respectively.
The crypto market continues to navigate choppy waters, and ripple effects are showing across related sectors.
On the 22nd of September, U.S. crypto-linked stocks experienced a mixed session.
Investors reacted cautiously to recent moves by crypto treasury firms, even as the market welcomed news of fresh crypto pivots and acquisitions.
Early trading saw declines in several crypto-focused equities across U.S. and Canadian markets, coinciding with Bitcoin [BTC] slipping below $113,000 for the first time in nearly two weeks.
Crypto stocks that tumbled
Leading the day’s losses was medical device firm Helius Medical Technologies (HSDT), whose stock plunged 33.6% after revealing its first acquisition of Solana [SOL].
This was despite the company spending over $175.6 million to acquire 760,190 SOL at an average price of $231.
Adding to the fray were the stocks of CEA Industries (BNC), a Binance [BNB] treasury-backed firm founded by Changpeng Zhao, which also suffered.
They fell 19.5% following a $500 million share issuance announced on the 21st of September, which the company acknowledged could generate volatility.
The day’s losses extended to BitMine Immersion Technologies (BMNR), Tom Lee’s Ethereum [ETH]-focused treasury company, which closed down 10.10% after announcing a $1.1 billion Ether purchase.
Crypto treasury winners
While crypto acquisitions weighed on stock prices, announcements of new crypto pivots generated substantial gains.
AgriFORCE Growing Systems (AGRI), which provides farming technology, surged nearly 137.76% after unveiling plans to rebrand as AVAX One and raise $550 million to acquire Avalanche [AVAX].
Similarly, Qualigen Therapeutics (QLGN) jumped nearly 94.72% following news that it would launch a crypto and Web3-related business backed by a $41 million investment from EV startup Faraday Future.
In contrast, Strive Inc. (ASST) saw its stock drop 4.6%. Metaplanet Inc. and Strategy Inc. (MSTR) also posted minor declines, down 3.13% and 2.56%, respectively, according to Google Finance.
Challenges ahead
Yet, the rise in demand for altcoins and experimental digital assets has introduced new challenges, clouding the clarity of corporate crypto holdings.
Experts like David Bailey warn that only firms executing disciplined strategies will thrive, while weaker players risk fading or acquisition.
Therefore, looking ahead, the trajectory of BTC and the broader corporate crypto market may depend on both strategic treasury execution and evolving macroeconomic catalysts, with the current bull run potentially extending into 2026.
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