Digital Asset Companies Risk $1B Fallout with Illiquid Token Treasuries

• Digital asset firms are turning to illiquid token fundraising, exposing investors to significant risks.
• Declining token values have undercut stock prices, highlighting the dangers of speculative investments.

On November 14, 2025, Cryptopolitan reported that digital asset companies are increasingly adopting in-kind fundraising strategies, raising capital through internally valued and untested altcoins. These fundraising models allow firms to build treasuries with illiquid tokens rather than fiat currency, transferring considerable financial risks to investors as token values remain volatile and vulnerable to market pressures.

Tharimmune, Inc. recently raised $545 million, entirely based on its altcoin, Canton Coin (CC), which was internally valued at $0.20 per token during the fundraising. However, this valuation proved unsustainable. As of November 12, 2025, Canton Coin's price had dropped to approximately $0.12 to $0.13, resulting in a significant erosion of value. The declining token price has coincided with a drop in Tharimmune's stock (THAR), which closed at $3.01 on November 13, 2025, as investor confidence faltered.

Similarly, Flora Growth Corp. utilized in-kind fundraising, issuing its 0G token to raise $401 million at an internal value of $3 per token. The 0G token has since experienced a sharp decline, trading at $1.24 as of November 13, 2025. While analysts predict a marginal rebound in token value, with estimates suggesting a price range of $1.41 to $1.65 in the coming weeks, Flora Growth Corp.'s stock (FLGC) has suffered. The stock's closing price has been recorded between $8.01 and $8.41, illustrating how speculative token valuations can negatively impact share performance.

As of November 14, 2025, 15:08 UTC, Canton Coin (CC) is trading at $0.115, reflecting a 0.028% change. Its 24-hour trading volume has dropped by 7.807%. Meanwhile, the 0G token is valued at $1.264, with a 24-hour volume decrease of 7.205%. These latest figures underscore the persistent pressures and skepticism surrounding speculative altcoins in low-liquidity markets, amplifying concerns about the risks of in-kind fundraising strategies for investors.