How Digital Asset Treasuries Are Fueling Bitcoin’s Price Drop in 2025 – And What It Means for the Crypto Market

By: crypto insight|2025/11/06 21:30:07

Key Takeaways

Crypto treasury companies, or digital asset treasuries (DATs), are accelerating Bitcoin’s price drop by turning into mass extraction events, where locked tokens are unlocked and sold off, harming overall market value.
Only a handful of these companies are focused on creating sustainable value, while many treat the model as a quick way to get rich, leading to market instability.
The trend of companies adding Bitcoin and Ether to their balance sheets has exploded in 2025, with over 200 firms holding more than one million Bitcoin tokens collectively worth over $101 billion.
Macro factors like US-China trade tensions contribute to the decline, but DATs’ leveraged buying and forced selling during downturns exacerbate the problem.
As the market matures, consolidation among larger players is expected, potentially expanding into broader Web3 areas for more stable growth.

Imagine you’re at a bustling party where everyone’s talking about this hot new trend – companies stocking up on Bitcoin and other cryptocurrencies like they’re building a digital fortress. It sounds exciting, right? But what if I told you that this very trend is partly to blame for the recent Bitcoin price drop, turning what could have been a steady climb into a slippery slope? That’s the argument from a blockchain expert and professor who’s been watching the market closely. In this deep dive, we’ll explore how digital asset treasuries (DATs) – those companies hoarding crypto on their balance sheets – are accelerating the market’s decline, why most of them might be in it for the wrong reasons, and what the future holds for Bitcoin and the broader crypto landscape in 2025. We’ll weave in the latest buzz from Google searches and Twitter discussions, plus some fresh updates as of November 6, 2025, to give you a full picture. Stick with me, and by the end, you’ll see why this isn’t just about numbers – it’s about the stories behind the volatility and how savvy players are navigating it.

Let’s start by painting a clearer picture of the current scene. Bitcoin has been on a wild ride lately, dipping between $99,607.01 and $113,560 over the past week, a far cry from its all-time high above $126,000 on October 6. It’s easy to point fingers at big-picture issues like escalating trade tensions between the US and China or other economic pressures. Those are real factors, no doubt, shaking investor confidence like a sudden storm. But according to Omid Malekan, an adjunct professor at Columbia Business School and a noted blockchain author, we’re missing a crucial piece of the puzzle: the role of crypto treasury companies. In a recent post on X (formerly Twitter), Malekan didn’t mince words, saying that any deep look into why crypto prices keep tumbling has to factor in DATs. He described them as, in aggregate, a “mass extraction and exit event” – basically, a setup that’s pushing prices down rather than propping them up.

Why Digital Asset Treasuries Are Becoming a Drag on Bitcoin Prices

Think of DATs like ambitious collectors who borrow money to buy rare art, only to flood the market when times get tough. These companies have been snapping up huge amounts of Bitcoin and other cryptocurrencies, using clever financial moves like selling shares, issuing convertible notes, or taking on debt to fuel their purchases. It’s a strategy that’s ballooned in popularity this year, but Malekan argues it’s backfiring. He points out that while a few of these outfits are genuinely trying to build something lasting – he says he can count them on one hand – most are treating it as a shortcut to wealth. Launching a public company isn’t cheap; it involves shell companies, PIPE deals, or SPACs, plus hefty fees to bankers and lawyers that run into the millions. Where does that money come from? Often, it’s siphoned from the crypto ecosystem itself, creating a cycle of extraction that depletes value instead of adding it.

To make this relatable, consider it like a neighborhood where everyone starts borrowing to buy houses, driving up prices initially. But when the first wave of sellers hits – maybe because they need to pay back loans – the whole market crashes. That’s what’s happening with DATs. Malekan highlights how these companies have provided a “mass exit event” for tokens that were supposed to be locked away, supposedly for long-term growth. Investors who thought those tokens were safely tucked away are now watching them hit the open market, diluting supply and pressuring prices downward. It’s no wonder Bitcoin’s price drop has been so pronounced; this isn’t just external noise – it’s an internal leak in the crypto ship.

Evidence backs this up. Look at the numbers: an October report from asset manager Bitwise noted 48 new companies jumping on the Bitcoin treasury bandwagon in 2025 alone, bringing the total to 207. Together, they’re holding over one million Bitcoin tokens, valued at more than $101 billion (as of the report’s data). Ether isn’t far behind, with 70 companies amassing 6.14 million tokens worth over $20 billion, according to Strategic ETH Reserve figures. These aren’t small potatoes; they’re massive holdings that can sway the market. But when leverage is involved – think borrowing to buy more crypto – a downturn can force sales, creating a snowball effect. It’s like a leveraged bet in poker; exciting when you’re winning, disastrous when the cards turn.

And here’s where it gets even more interesting: some companies are trying to sweeten the deal for investors by earning yields through staking or lending out their crypto holdings. It sounds smart, like turning your savings account into an interest-bearing one. But Malekan warns that raising too much money and minting excessive tokens – even if they’re labeled for “ecosystem growth” – is like a slow-spreading infection in the crypto world. It erodes trust and value over time.

The Wrong Motivations Behind Many Crypto Treasury Companies

Diving deeper, Malekan’s critique hits on the motivations driving these DATs. Many founders saw the crypto treasury model as a “get rich quick scheme,” he claims. Picture this: you’re an entrepreneur spotting the hype around Bitcoin adoption. You raise millions from eager investors chasing crypto exposure without directly buying coins themselves. It’s a win-win at first glance – investors get indirect access, and you get capital to build. But the costs add up fast, and if the focus isn’t on sustainable value, it becomes a house of cards.

Contrast this with the rare successes Malekan alludes to – those few companies genuinely innovating. They’re like the steadfast oaks in a forest of quick-growing weeds, putting down roots for long-term stability. For instance, while many DATs are just hoarding and hoping, the standouts are integrating crypto into broader business strategies, perhaps deploying assets into lending protocols or liquidity pools to generate real returns. This isn’t speculation; it’s supported by analyst observations that as the market cycle matures, we’ll see consolidation. Smaller players might merge or fade, leaving room for bigger, more strategic ones to dominate and even branch into other Web3 realms like decentralized finance or NFTs.

Speaking of real-world examples, remember how some struggling firms have turned to their crypto reserves as a PR boost? It’s like a company flashing a shiny new gadget to distract from underlying issues. Analysts have noted this trend, where announcing Bitcoin holdings can temporarily lift stock prices, but if it’s not backed by solid plans, it just delays the inevitable.

Exploding Trend of Crypto Treasuries in 2025: What’s Driving It?

The sheer growth of crypto treasuries this year is staggering – it’s like watching a viral video take over your feed overnight. From zero to heroes, these companies have collectively scooped up billions in digital assets. Bitcoin leads the pack, but Ether’s adoption is catching up fast. Why the surge? Part of it is the allure of diversification; in a world of economic uncertainty, holding crypto feels like hedging against traditional markets. It’s analogous to stocking gold during inflation scares – a digital version of that age-old strategy.

But let’s tie this back to today’s conversations. As of November 6, 2025, Google searches are buzzing with questions like “Why is Bitcoin price dropping in 2025?” and “What are digital asset treasuries?” People are hungry for answers amid the volatility. On Twitter, the chatter is intense – threads discussing how DATs are “killing the bull run” have gone viral, with influencers sharing charts showing correlations between treasury announcements and price dips. One recent X post from a prominent crypto analyst, echoing Malekan’s views, garnered over 50,000 likes: “DATs aren’t treasuries; they’re time bombs for Bitcoin prices. Time to rethink corporate crypto hoarding.” Official announcements aren’t slowing down either; just this week, a major firm revealed plans to add more Ether to its balance sheet, citing it as a “strategic reserve” – but skeptics on social media are calling it another leveraged play that could backfire.

These discussions highlight a broader debate: Is the crypto treasury boom sustainable? Twitter users are split, with some praising it as mainstream adoption (hashtags like #BitcoinAdoption trending), while others warn of bubbles bursting. Frequently searched queries also include “How do crypto treasuries affect market cap?” and “Best companies for Bitcoin holdings,” showing readers want practical insights.

Brand Alignment in the Crypto Treasury Space: Lessons from Forward-Thinking Players

Now, let’s talk about something crucial that often gets overlooked: brand alignment. In this chaotic world of digital asset treasuries, how a company positions itself can make or break its longevity. It’s not just about holding Bitcoin; it’s about aligning those holdings with a brand’s core values to build trust and credibility. Think of it like a restaurant that sources ingredients locally – it tells a story that resonates with customers, making them loyal fans.

Take WEEX, for example, a platform that’s carving out a positive space in the crypto ecosystem. Unlike many DATs criticized for short-term gains, WEEX emphasizes sustainable practices, integrating digital assets in ways that enhance user experience and market stability. Their approach aligns seamlessly with the idea of creating real value, much like those few companies Malekan praises. By focusing on transparent operations and community-driven growth, WEEX builds a brand that’s not just about accumulation but about fostering a resilient crypto future. This kind of alignment is a breath of fresh air; it’s like choosing a reliable car over a flashy one that breaks down – it pays off in the long run. Evidence from user feedback and market reports shows that platforms with strong brand alignment see higher retention rates, even during price drops, because they connect emotionally with their audience.

In contrast, misaligned brands – those jumping on the treasury trend without a clear vision – risk alienating investors. It’s a stark comparison: sustainable players like WEEX are planting seeds for growth, while others are just harvesting quickly and leaving barren soil. This matters especially now, as the market consolidates. Analysts predict that by the end of 2025, we’ll see more companies emulating this aligned model, expanding into Web3 to create ecosystems that benefit everyone, not just insiders.

Navigating the Future: What This Means for Bitcoin and Crypto Investors

As we wrap this up, it’s clear that the Bitcoin price drop isn’t isolated – it’s intertwined with the rise of digital asset treasuries. But there’s hope amid the turbulence. By learning from the pitfalls Malekan points out, the industry can shift toward more sustainable models. Imagine a future where DATs aren’t exit ramps but engines of innovation, driving adoption without the crashes.

For investors, this is a call to discernment. Look beyond the hype; seek out companies committed to long-term value, much like spotting a diamond in a pile of glass. With trends exploding in 2025 and discussions raging online, staying informed is key. Whether you’re tracking Google trends or joining Twitter debates, remember: the crypto story is still unfolding, and understanding forces like DATs could be your edge.

FAQ

What Are Digital Asset Treasuries and How Do They Work?

Digital asset treasuries are companies that hold cryptocurrencies like Bitcoin on their balance sheets as reserves. They acquire them through sales, debt, or other financing, often to diversify assets or generate yields via staking.

Why Is Bitcoin’s Price Dropping Despite Corporate Adoption?

While adoption sounds positive, many treasuries lead to token unlocks and forced sales during downturns, increasing supply and pressuring prices, compounded by macro factors like trade tensions.

How Many Companies Are Involved in Crypto Treasuries in 2025?

As of October reports, 207 companies hold over one million Bitcoin tokens worth $101 billion, with 70 holding 6.14 million Ether worth $20 billion.

What Role Do Leveraged Strategies Play in Market Volatility?

Leverage allows bigger purchases but forces sales in declines, creating downward spirals – like borrowing to invest and panicking when values drop.

Will the Crypto Treasury Trend Continue or Consolidate?

Analysts expect consolidation among

Foreword: Today, the People's Bank of China's website published the "Notice of the People's Bank of China, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration for Market Regulation, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, State Administration of Foreign Exchange on Further Preventing and Dealing with Risks Related to Virtual Currency and Others (Yinfa [2026] No. 42)", the latest regulatory requirements from the eight departments including the central bank, which are basically consistent with the regulatory requirements of recent years. The main focus of the regulation is on speculative activities such as virtual currency trading, exchanges, ICOs, overseas platform services, and this time, regulatory oversight of RWA has been added, explicitly prohibiting RWA tokenization, stablecoins (especially those pegged to the RMB). The following is the full text:

To the people's governments of all provinces, autonomous regions, and municipalities directly under the Central Government, the Xinjiang Production and Construction Corps:

Recently, there have been speculative activities related to virtual currency and Real-World Assets (RWA) tokenization, disrupting the economic and financial order and jeopardizing the property security of the people. In order to further prevent and address the risks related to virtual currency and Real-World Assets tokenization, effectively safeguard national security and social stability, in accordance with the "Law of the People's Republic of China on the People's Bank of China," "Law of the People's Republic of China on Commercial Banks," "Securities Law of the People's Republic of China," "Law of the People's Republic of China on Securities Investment Funds," "Law of the People's Republic of China on Futures and Derivatives," "Cybersecurity Law of the People's Republic of China," "Regulations of the People's Republic of China on the Administration of Renminbi," "Regulations on Prevention and Disposal of Illegal Fundraising," "Regulations of the People's Republic of China on Foreign Exchange Administration," "Telecommunications Regulations of the People's Republic of China," and other provisions, after reaching consensus with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, and with the approval of the State Council, the relevant matters are notified as follows:

I. Clarify the essential attributes of virtual currency, Real-World Assets tokenization, and related business activities

(I) Virtual currency does not possess the legal status equivalent to fiat currency. Virtual currencies such as Bitcoin, Ether, Tether, etc., have the main characteristics of being issued by non-monetary authorities, using encryption technology and distributed ledger or similar technology, existing in digital form, etc. They do not have legal tender status, should not and cannot be circulated and used as currency in the market.

The business activities related to virtual currency are classified as illegal financial activities. The exchange of fiat currency and virtual currency within the territory, exchange of virtual currencies, acting as a central counterparty in buying and selling virtual currencies, providing information intermediary and pricing services for virtual currency transactions, token issuance financing, and trading of virtual currency-related financial products, etc., fall under illegal financial activities, such as suspected illegal issuance of token vouchers, unauthorized public issuance of securities, illegal operation of securities and futures business, illegal fundraising, etc., are strictly prohibited across the board and resolutely banned in accordance with the law. Overseas entities and individuals are not allowed to provide virtual currency-related services to domestic entities in any form.

A stablecoin pegged to a fiat currency indirectly fulfills some functions of the fiat currency in circulation. Without the consent of relevant authorities in accordance with the law and regulations, any domestic or foreign entity or individual is not allowed to issue a RMB-pegged stablecoin overseas.

（II）Tokenization of Real-World Assets refers to the use of encryption technology and distributed ledger or similar technologies to transform ownership rights, income rights, etc., of assets into tokens (tokens) or other interests or bond certificates with token (token) characteristics, and carry out issuance and trading activities.

Engaging in the tokenization of real-world assets domestically, as well as providing related intermediary, information technology services, etc., which are suspected of illegal issuance of token vouchers, unauthorized public offering of securities, illegal operation of securities and futures business, illegal fundraising, and other illegal financial activities, shall be prohibited; except for relevant business activities carried out with the approval of the competent authorities in accordance with the law and regulations and relying on specific financial infrastructures. Overseas entities and individuals are not allowed to illegally provide services related to the tokenization of real-world assets to domestic entities in any form.

II. Sound Work Mechanism

(III) Inter-agency Coordination. The People's Bank of China, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of virtual currency-related illegal financial activities.

The China Securities Regulatory Commission, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of illegal financial activities related to the tokenization of real-world assets.

(IV) Strengthening Local Implementation. The people's governments at the provincial level are overall responsible for the prevention and disposal of risks related to virtual currencies and the tokenization of real-world assets in their respective administrative regions. The specific leading department is the local financial regulatory department, with participation from branches and dispatched institutions of the State Council's financial regulatory department, telecommunications regulators, public security, market supervision, and other departments, in coordination with cyberspace departments, courts, and procuratorates, to improve the normalization of the work mechanism, effectively connect with the relevant work mechanisms of central departments, form a cooperative and coordinated working pattern between central and local governments, effectively prevent and properly handle risks related to virtual currencies and the tokenization of real-world assets, and maintain economic and financial order and social stability.

III. Strengthened Risk Monitoring, Prevention, and Disposal

(5) Enhanced Risk Monitoring. The People's Bank of China, China Securities Regulatory Commission, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration of Foreign Exchange, Cyberspace Administration of China, and other departments continue to improve monitoring techniques and system support, enhance cross-departmental data analysis and sharing, establish sound information sharing and cross-validation mechanisms, promptly grasp the risk situation of activities related to virtual currency and real-world asset tokenization. Local governments at all levels give full play to the role of local monitoring and early warning mechanisms. Local financial regulatory authorities, together with branches and agencies of the State Council's financial regulatory authorities, as well as departments of cyberspace and public security, ensure effective connection between online monitoring, offline investigation, and fund tracking, efficiently and accurately identify activities related to virtual currency and real-world asset tokenization, promptly share risk information, improve early warning information dissemination, verification, and rapid response mechanisms.

(6) Strengthened Oversight of Financial Institutions, Intermediaries, and Technology Service Providers. Financial institutions (including non-bank payment institutions) are prohibited from providing account opening, fund transfer, and clearing services for virtual currency-related business activities, issuing and selling financial products related to virtual currency, including virtual currency and related financial products in the scope of collateral, conducting insurance business related to virtual currency, or including virtual currency in the scope of insurance liability. Financial institutions (including non-bank payment institutions) are prohibited from providing custody, clearing, and settlement services for unauthorized real-world asset tokenization-related business and related financial products. Relevant intermediary institutions and information technology service providers are prohibited from providing intermediary, technical, or other services for unauthorized real-world asset tokenization-related businesses and related financial products.

(7) Enhanced Management of Internet Information Content and Access. Internet enterprises are prohibited from providing online business venues, commercial displays, marketing, advertising, or paid traffic diversion services for virtual currency and real-world asset tokenization-related business activities. Upon discovering clues of illegal activities, they should promptly report to relevant departments and provide technical support and assistance for related investigations and inquiries. Based on the clues transferred by the financial regulatory authorities, the cyberspace administration, telecommunications authorities, and public security departments should promptly close and deal with websites, mobile applications (including mini-programs), and public accounts engaged in virtual currency and real-world asset tokenization-related business activities in accordance with the law.

(8) Strengthened Entity Registration and Advertisement Management. Market supervision departments strengthen entity registration and management, and enterprise and individual business registrations must not contain terms such as "virtual currency," "virtual asset," "cryptocurrency," "crypto asset," "stablecoin," "real-world asset tokenization," or "RWA" in their names or business scopes. Market supervision departments, together with financial regulatory authorities, legally enhance the supervision of advertisements related to virtual currency and real-world asset tokenization, promptly investigating and handling relevant illegal advertisements.

（IX） Continued Rectification of Virtual Currency Mining Activities. The National Development and Reform Commission, together with relevant departments, strictly controls virtual currency mining activities, continuously promotes the rectification of virtual currency mining activities. The people's governments of various provinces take overall responsibility for the rectification of "mining" within their respective administrative regions. In accordance with the requirements of the National Development and Reform Commission and other departments in the "Notice on the Rectification of Virtual Currency Mining Activities" (NDRC Energy-saving Building [2021] No. 1283) and the provisions of the "Guidance Catalog for Industrial Structure Adjustment (2024 Edition)," a comprehensive review, investigation, and closure of existing virtual currency mining projects are conducted, new mining projects are strictly prohibited, and mining machine production enterprises are strictly prohibited from providing mining machine sales and other services within the country.

（X） Severe Crackdown on Related Illegal Financial Activities. Upon discovering clues to illegal financial activities related to virtual currency and the tokenization of real-world assets, local financial regulatory authorities, branches of the State Council's financial regulatory authorities, and other relevant departments promptly investigate, determine, and properly handle the issues in accordance with the law, and seriously hold the relevant entities and individuals legally responsible. Those suspected of crimes are transferred to the judicial authorities for processing according to the law.

（XI） Severe Crackdown on Related Illegal and Criminal Activities. The Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, as well as judicial and procuratorial organs, in accordance with their respective responsibilities, rigorously crack down on illegal and criminal activities related to virtual currency, the tokenization of real-world assets, such as fraud, money laundering, illegal business operations, pyramid schemes, illegal fundraising, and other illegal and criminal activities carried out under the guise of virtual currency, the tokenization of real-world assets, etc.

（XII） Strengthen Industry Self-discipline. Relevant industry associations should enhance membership management and policy advocacy, based on their own responsibilities, advocate and urge member units to resist illegal financial activities related to virtual currency and the tokenization of real-world assets. Member units that violate regulatory policies and industry self-discipline rules are to be disciplined in accordance with relevant self-regulatory management regulations. By leveraging various industry infrastructure, conduct risk monitoring related to virtual currency, the tokenization of real-world assets, and promptly transfer issue clues to relevant departments.

IV. Strict Supervision of Domestic Entities Engaging in Overseas Business Activities

（XIII） Without the approval of relevant departments in accordance with the law and regulations, domestic entities and foreign entities controlled by them may not issue virtual currency overseas.

（XIV） Domestic entities engaging directly or indirectly in overseas external debt-based tokenization of real-world assets, or conducting asset securitization activities abroad based on domestic ownership rights, income rights, etc. (hereinafter referred to as domestic equity), should be strictly regulated in accordance with the principles of "same business, same risk, same rules." The National Development and Reform Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other relevant departments regulate it according to their respective responsibilities. For other forms of overseas real-world asset tokenization activities based on domestic equity by domestic entities, the China Securities Regulatory Commission, together with relevant departments, supervise according to their division of responsibilities. Without the consent and filing of relevant departments, no unit or individual may engage in the above-mentioned business.

(15) Overseas subsidiaries and branches of domestic financial institutions providing Real World Asset Tokenization-related services overseas shall do so legally and prudently. They shall have professional personnel and systems in place to effectively mitigate business risks, strictly implement customer onboarding, suitability management, anti-money laundering requirements, and incorporate them into the domestic financial institutions' compliance and risk management system. Intermediaries and information technology service providers offering Real World Asset Tokenization services abroad based on domestic equity or conducting Real World Asset Tokenization business in the form of overseas debt for domestic entities directly or indirectly venturing abroad must strictly comply with relevant laws and regulations. They should establish and improve relevant compliance and internal control systems in accordance with relevant normative requirements, strengthen business and risk control, and report the business developments to the relevant regulatory authorities for approval or filing.

V. Strengthen Organizational Implementation

(16) Strengthen organizational leadership and overall coordination. All departments and regions should attach great importance to the prevention of risks related to virtual currencies and Real World Asset Tokenization, strengthen organizational leadership, clarify work responsibilities, form a long-term effective working mechanism with centralized coordination, local implementation, and shared responsibilities, maintain high pressure, dynamically monitor risks, effectively prevent and mitigate risks in an orderly and efficient manner, legally protect the property security of the people, and make every effort to maintain economic and financial order and social stability.

(17) Widely carry out publicity and education. All departments, regions, and industry associations should make full use of various media and other communication channels to disseminate information through legal and policy interpretation, analysis of typical cases, and education on investment risks, etc. They should promote the illegality and harm of virtual currencies and Real World Asset Tokenization-related businesses and their manifestations, fully alert to potential risks and hidden dangers, and enhance public awareness and identification capabilities for risk prevention.

VI. Legal Responsibility

(18) Engaging in illegal financial activities related to virtual currencies and Real World Asset Tokenization in violation of this notice, as well as providing services for virtual currencies and Real World Asset Tokenization-related businesses, shall be punished in accordance with relevant regulations. If it constitutes a crime, criminal liability shall be pursued according to the law. For domestic entities and individuals who knowingly or should have known that overseas entities illegally provided virtual currency or Real World Asset Tokenization-related services to domestic entities and still assisted them, relevant responsibilities shall be pursued according to the law. If it constitutes a crime, criminal liability shall be pursued according to the law.

(19) If any unit or individual invests in virtual currencies, Real World Asset Tokens, and related financial products against public order and good customs, the relevant civil legal actions shall be invalid, and any resulting losses shall be borne by them. If there are suspicions of disrupting financial order and jeopardizing financial security, the relevant departments shall deal with them according to the law.

This notice shall enter into force upon the date of its issuance. The People's Bank of China and ten other departments' "Notice on Further Preventing and Dealing with the Risks of Virtual Currency Trading Speculation" (Yinfa [2021] No. 237) is hereby repealed.

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