Digital asset treasury companies listed in North America are facing a brutal correction this year. The median stock price drop hit 43%, but that's just the average story—some of these firms have literally evaporated, crashing over 99% from their peaks. Remember when these same companies were Wall Street darlings? They'd announce Bitcoin purchases, and boom, their shares would skyrocket. That playbook isn't working anymore. The strategy of leveraging shareholder capital to stack crypto looked genius during bull runs, but now investors are watching their positions get demolished. This isn't just a minor pullback—we're talking about wealth destruction on a massive scale for shareholders who bought into the digital treasury narrative.