What started as crypto FOMO quickly became OMG, noooo. After a frenzied summer of corporate vaults piling bitcoin, companies that once surfed the crypto wave now find themselves underwater. Bitcoin sits near fresh highs, but as shares in some “bitcoin hoarders” sink below the value of their digital loot, even the bulls are whispering, “This whole thing is starting to show big cracks.”

• StrategyMSTR
  , Smarter Web, and Metaplanet trade ~26%–61% below their peak value — with Natixis CIB saying, “the weaker players [will] be … wiped out.”
• The sharp pullback comes as NasdaqNDAQ
  puts pressure on firms issuing stock to buy more crypto — cooling speculation after things “got irrationally overheated”.

Half full, or empty? While bitcoin treasuries sputter, Solana’s token has surged ~65% in one year. TheSOL

owner is preparing for its “new heart” upgrade, cutting transaction times by ~85x and catching the SEC’s eye with a lineup of ETF applications. Wall Street, once skeptical of Solana’s meme-coin past, is now listening amid partnerships with VisaV

and BlackRockBLK

, and a blockbuster ETF debut. Still, for all the high-speed upgrades and newfound street cred, no one is immune to crypto’s rollercoaster.