U.S. crypto firms are shifting from Bitcoin to riskier tokens, raising $15B and sparking concerns over stability and investor protection.

In late 2025, U.S. cryptocurrency treasury firms are increasingly shifting from Bitcoin to lesser-known, volatile digital tokens to chase higher returns, driven by waning market sentiment and political support. Over 40 such firms raised more than $15 billion via private placements, with most not focusing on Bitcoin. This pivot, amid declining crypto prices and rising economic tensions, has raised concerns over risk, liquidity, and investor protection. Many DATs now trade below their net asset value, and recent stock declines highlight fragility. Analysts warn of growing instability due to speculative investments, shareholder dilution, and lack of transparency.