As cryptocurrency and equity markets remain intertwined, recent events have highlighted the dangers of over-leveraging for speculative investments. Recent massive sell-offs by major companies like Sequans, Metaplanet, and others have exacerbated market volatility. As a founder bootstrapping my startups in the Netherlands, this unfolding crisis offers not just insights but also critical lessons for entrepreneurs navigating uncertain times.
Let’s unpack the situation and uncover what it means for European entrepreneurs, particularly women running startups.
What’s Happening with Crypto and Shares?
2025 has been a tough year for the crypto and equity markets. Over $1 trillion has evaporated from cryptocurrency valuations in just a few months. This collapse has hit hardest those companies that hoarded crypto in their treasury during the sector's boom. Shares of the so-called "crypto treasury businesses" have nosedived alongside tumbling digital asset prices.
Take Metaplanet, Japan's largest bitcoin holder. The company has seen its shares fall by 80% since mid-2025. To cope, it recently secured a $130 million loan backed by its bitcoin holdings to fund stock buybacks and stabilize its position. Meanwhile, European companies like the Smarter Web Company have also faced dramatic share price losses, dropping 44% this year alone.
This illustrates a worrying trend: companies previously lauded for their crypto adoption are now caught in a vicious cycle. As their stock prices fall, they’re forced into selling their digital asset holdings at significant losses, further fueling a downward spiral.
Lessons for Female Entrepreneurs
As someone who has built and bootstraped her ventures through tough economic cycles, here’s what you can take away from this crisis:
1. Beware of Over-Speculation
Including high-risk assets like cryptocurrencies in your company’s balance sheet might seem appealing during a bull run, but the flip side can be catastrophic. Stick to financial assets that align with your business fundamentals rather than chasing speculative gains. For instance, diversifying revenue streams might stabilize your cash flow during downturns.
2. Cash Flow Always Comes First
Despite the allure of potentially massive returns, holding sizable amounts of an illiquid or volatile asset drains cash flow when markets are down. Focus on assets you can liquidate quickly or long-term investments that don’t pressure liquidity during a crisis.
3. Don’t Over-Leverage Debt for High-Risk Ventures
Companies like Sequans had to sell off $100 million worth of bitcoin to cover their debts. Debt can be a useful tool for growth, but tying it to unstable investments is a dangerous game. Bootstrapping entrepreneurs need to identify healthy financing sources that won’t jeopardize their overall financial stability.
4. Understand Your Market Cycles
The crypto crash reminds us that no market grows indefinitely. As early as possible, identify whether your industry is cyclical, and adjust your growth strategies accordingly when indicators suggest tougher times ahead.
5. The "Hype Model" is a Trap
When Michael Saylor’s Strategy created excitement around holding bitcoin, many companies followed suit, prioritizing short-term buzz over sustainable strategies. As female entrepreneurs, we need to question, data-test, and stay grounded rather than blindly emulating others, no matter how influential.
Eye-Opening Statistics
- Bitcoin’s price dropped from $115,000 to $87,000 in just a few months.
- Over $1 trillion was wiped out of the crypto market in 2025 alone.
- Strategy, which owns over 430,000 bitcoins, saw its stock drop by 50% in three months.
- Companies like Sequans sold off 50% of their bitcoin holdings to stay afloat, managing large debts.
These numbers tell us one thing: volatility is not just a feature of cryptocurrencies, it holds the potential for instability in your entire operations.
How to Build a Resilient Bootstrapped Startup
Understanding the struggles of these companies, here’s how you can safeguard your startup:
- Focus on Proven Models: No shortcuts here. Sure, cryptocurrency sounds exciting, but often, tried-and-tested business models rooted in fundability stand the test of time.
- Always Maintain a Cash Reserve: Stack three to six months of operating expenses in a stable currency. This provides a cushion during market downturns.
- Minimize Speculative Strategies: If you’re keen on exploring trending sectors like blockchain or crypto, funnel a portion you can afford to lose, not the majority.
- Stick to Stress-Tested Growth Ideals: At Fe/male Switch, we prioritize small, incremental wins over massive gambles. This mindset can shape consistent success.
Common Pitfalls for Entrepreneurs
- FOMO Investments: Businesses flocked to crypto treasuries fearing they’d miss the “next big thing,” ignoring the inherent risks.
- Ignoring Cash Flow: Focusing solely on asset growth, many forgot the importance of liquidity during downturns.
- Blind Imitation: Jumping on an untested trend worked for a few but caused others to lose credibility and investors.
Women Entrepreneurs in Europe: A Final Thought
Europe is thriving with women-led startups, with increasing access to accelerators, business resources, and grants. While trends like crypto or NFTs may spark interest, remember to view them through the lens of long-term sustainability. Initiatives like the Fe/male Switch Startup Game help aspiring founders advocate for collaboration, research, and caution, tools that lead to lasting success, not rushed failures.
Leverage opportunities but approach them thoughtfully. Follow how markets react. Adjust your actions slowly. The story of crypto hoarders losing it all is a testament to the importance of well-reasoned planning over reckless action.
Conclusion
As we watch these companies suffer the consequences of chasing trends over sustainability, we must remind ourselves that entrepreneurship isn’t just about big wins. Instead, it’s about building with intention, measured risk, and the ability to pivot through unforeseen challenges. Revisit your startup strategies today, and evaluate whether you’re prepared for the next volatility cycle.
As founders, we’re here to innovate, but also to build solid, dependable ventures. Every crash, even a crypto bust, is a learning moment. Let’s keep building, not blindly but with clarity and purpose.
FAQ
1. What caused the massive cryptocurrency sell-off in 2025?
Over $1 trillion evaporated from cryptocurrency markets as companies leveraged crypto in their treasuries. Falling share prices triggered forced asset sales, intensifying the market crash. Read the Financial Times coverage
2. How did Metaplanet react to the cryptocurrency crisis?
Metaplanet, Japan's largest bitcoin holder, saw an 80% drop in shares and secured a $130 million loan backed by its holdings to stabilize operations. Explore Metaplanet’s strategy
3. What is the role of the "digital asset treasury" model in the crisis?
The digital asset treasury model, popularized by companies like Strategy, drove speculative adoption of crypto, but failed during declining market conditions, causing stock volatility. Learn about Strategy’s approach
4. How are European companies coping with the crypto fallout?
The Smarter Web Company experienced a 44% stock drop, reflecting market-wide volatility. Companies selling crypto holdings try to rescue share value by funding buybacks. Study Smarter Web’s impact
5. What insights are gained from Sequans Communications’ approach?
Sequans sold $100 million worth of Bitcoin to service debt amidst falling crypto prices, showcasing the dangers of tying unstable assets to debt management. Discover Sequans’ tactical decisions
6. How does the crypto crash affect smaller tokens?
While Bitcoin and Ether are still somewhat liquid, smaller tokens face greater difficulties in downturns. Many treasury businesses holding niche tokens may see their holdings go to zero. Examine Kaiko’s analysis
7. Can loans backed by cryptocurrency stabilize companies?
Metaplanet and others secured loans using crypto as collateral to fund share buybacks to stabilize their positions, but this risky strategy depends on crypto ensuring sufficient value. Explore loan-backed strategies
8. What can startups learn from the crypto treasury crisis?
Entrepreneurs should avoid speculative strategies, focus on cash flow, diversify revenue streams, and maintain reserves instead of chasing volatile trends. Check out Fe/male Switch Startup Game
9. Why did Strategy’s stock drop significantly while holding Bitcoin?
Despite holding a significant amount of Bitcoin, Strategy faced stock valuation losses as asset volatility disconnected share prices from underlying crypto value. Learn about Strategy’s performance
10. What is the future outlook for companies following the "bitcoin treasury" model?
The model faces existential risks as price collapses continue to drive forced asset sales, impacting long-term company sustainability. Review industry trends
About the Author
Violetta Bonenkamp, also known as MeanCEO, is an experienced startup founder with an impressive educational background including an MBA and four other higher education degrees. She has over 20 years of work experience across multiple countries, including 5 years as a solopreneur and serial entrepreneur. Throughout her startup experience she has applied for multiple startup grants at the EU level, in the Netherlands and Malta, and her startups received quite a few of those. She’s been living, studying and working in many countries around the globe and her extensive multicultural experience has influenced her immensely.
Violetta Bonenkamp's expertise in CAD sector, IP protection and blockchain
Violetta Bonenkamp is recognized as a multidisciplinary expert with significant achievements in the CAD sector, intellectual property (IP) protection, and blockchain technology.
CAD Sector:
- Violetta is the CEO and co-founder of CADChain, a deep tech startup focused on developing IP management software specifically for CAD (Computer-Aided Design) data. CADChain addresses the lack of industry standards for CAD data protection and sharing, using innovative technology to secure and manage design data.
- She has led the company since its inception in 2018, overseeing R&D, PR, and business development, and driving the creation of products for platforms such as Autodesk Inventor, Blender, and SolidWorks.
- Her leadership has been instrumental in scaling CADChain from a small team to a significant player in the deeptech space, with a diverse, international team.
IP Protection:
- Violetta has built deep expertise in intellectual property, combining academic training with practical startup experience. She has taken specialized courses in IP from institutions like WIPO and the EU IPO.
- She is known for sharing actionable strategies for startup IP protection, leveraging both legal and technological approaches, and has published guides and content on this topic for the entrepreneurial community.
- Her work at CADChain directly addresses the need for robust IP protection in the engineering and design industries, integrating cybersecurity and compliance measures to safeguard digital assets.
Blockchain:
- Violetta’s entry into the blockchain sector began with the founding of CADChain, which uses blockchain as a core technology for securing and managing CAD data.
- She holds several certifications in blockchain and has participated in major hackathons and policy forums, such as the OECD Global Blockchain Policy Forum.
- Her expertise extends to applying blockchain for IP management, ensuring data integrity, traceability, and secure sharing in the CAD industry.
Violetta is a true multiple specialist who has built expertise in Linguistics, Education, Business Management, Blockchain, Entrepreneurship, Intellectual Property, Game Design, AI, SEO, Digital Marketing, cyber security and zero code automations. Her extensive educational journey includes a Master of Arts in Linguistics and Education, an Advanced Master in Linguistics from Belgium (2006-2007), an MBA from Blekinge Institute of Technology in Sweden (2006-2008), and an Erasmus Mundus joint program European Master of Higher Education from universities in Norway, Finland, and Portugal (2009).
She is the founder of Fe/male Switch, a startup game that encourages women to enter STEM fields, and also leads CADChain, and multiple other projects like the Directory of 1,000 Startup Cities with a proprietary MeanCEO Index that ranks cities for female entrepreneurs. Violetta created the "gamepreneurship" methodology, which forms the scientific basis of her startup game. She also builds a lot of SEO tools for startups. Her achievements include being named one of the top 100 women in Europe by EU Startups in 2022 and being nominated for Impact Person of the year at the Dutch Blockchain Week. She is an author with Sifted and a speaker at different Universities. Recently she published a book on Startup Idea Validation the right way: from zero to first customers and beyond, launched a Directory of 1,500+ websites for startups to list themselves in order to gain traction and build backlinks and is building MELA AI to help local restaurants in Malta get more visibility online.
For the past several years Violetta has been living between the Netherlands and Malta, while also regularly traveling to different destinations around the globe, usually due to her entrepreneurial activities. This has led her to start writing about different locations and amenities from the POV of an entrepreneur. Here’s her recent article about the best hotels in Italy to work from.
About the Publication
Fe/male Switch is an innovative startup platform designed to empower women entrepreneurs through an immersive, game-like experience. Founded in 2020 during the pandemic "without any funding and without any code," this non-profit initiative has evolved into a comprehensive educational tool for aspiring female entrepreneurs.The platform was co-founded by Violetta Shishkina-Bonenkamp, who serves as CEO and one of the lead authors of the Startup News branch.
Mission and Purpose
Fe/male Switch Foundation was created to address the gender gap in the tech and entrepreneurship space. The platform aims to skill-up future female tech leaders and empower them to create resilient and innovative tech startups through what they call "gamepreneurship". By putting players in a virtual startup village where they must survive and thrive, the startup game allows women to test their entrepreneurial abilities without financial risk.
Key Features
The platform offers a unique blend of news, resources,learning, networking, and practical application within a supportive, female-focused environment:
- Skill Lab: Micro-modules covering essential startup skills
- Virtual Startup Building: Create or join startups and tackle real-world challenges
- AI Co-founder (PlayPal): Guides users through the startup process
- SANDBOX: A testing environment for idea validation before launch
- Wellness Integration: Virtual activities to balance work and self-care
- Marketplace: Buy or sell expert sessions and tutorials
Impact and Growth
Since its inception, Fe/male Switch has shown impressive growth:
- 5,000+ female entrepreneurs in the community
- 100+ startup tools built
- 5,000+ pieces of articles and news written
- 1,000 unique business ideas for women created
Partnerships
Fe/male Switch has formed strategic partnerships to enhance its offerings. In January 2022, it teamed up with global website builder Tilda to provide free access to website building tools and mentorship services for Fe/male Switch participants.
Recognition
Fe/male Switch has received media attention for its innovative approach to closing the gender gap in tech entrepreneurship. The platform has been featured in various publications highlighting its unique "play to learn and earn" model.
