(Bloomberg) — As stocks and bonds surge on growing confidence that the Federal Reserve will soon cut interest rates, cryptocurrencies are refusing to join the rally.

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Digital assets and related equities extended losses Thursday, with some of the steepest declines hitting tokens and companies tied to ventures associated with Donald Trump’s family, many of which took off thanks to his pro-crypto policies.

Shares of ALT5 Sigma Corp. (ALTS), a treasury company holding the WLFI token of Trump-linked decentralized finance project World Liberty Financial Inc., slumped around 12%. The stock is down more than 50% in the past week. The WLFI token dropped about 25%, and is down around 50% since its debut on Labor Day. American Bitcoin Corp. (ABTC) — the mining outfit which starting trading Wednesday that Eric Trump is involved in — dropped by as much 22%.

To help ease concern, World Liberty held a live event on CoinMarketCap’s website that was attended by more than 2,000 people on Thursday. “The World Liberty Financial team is focused on building and shipping best-in-class products like USD1 that can bring the power of DeFi to millions globally,” a spokesperson told Bloomberg News.

Also weighing on sentiment is concern over a possible pushback against the spate of publicly digital-asset treasury companies investing in various tokens that have sprung up in recent months. Shares of many of the so-called DATs surged after many of the formally struggling companies pivoted to crypto.

The Information reported Thursday that Nasdaq, where a majority of these companies are listed, is requiring some of the token holding firms to receive shareholder approval before issuing shares for token purchases. Share offerings have become a popular way for treasury companies to raise more funds to buy more coins, a model pioneered by Strategy’s (MSTR) Michael Saylor. The treasury firms have been using this strategy to purchase coins without taking on more debt.

To date, 184 publicly traded companies have announced their intention to raise more than $132 billion to buy various coins, according to Architect Partners, a financial advisory firm.

“The NASDAQ decision is certainly perfectly consistent with the rights afforded shareholders,” said Eric Risley, founder and managing partner of Architect Partners. “Full disclosure and an opportunity to have a say should be expected and demanded if not provided for. Yes, likely slows the pace of transaction velocity but perhaps a good thing.”

Shares of many other treasury companies, such as those holding Ether (ETH-USD), fell as well, with Sharplink Gaming (SBET), for example, down 9.7%. Ether declined 3.3%. Treasury company DeFi Technologies (DEFT), holding Solana, declined 4.6%, while Solana fell 3.8%.

As treasury companies’ shares drop, that’s pulling down prices of the underlying coins, as investors are recalculating how much the underlying tokens on these companies’ balance sheets are worth, according to WLFI investor Morten Christensen.

“I think we see a lot of arbitrage things happening with ALT stock vs WLFI, until the value ratio is good,” said Christensen, who runs AirdropAlert.com. “My hunch is it’s traders finding the ratio between ALT/WLFI price, and of course shorters making profit on that.”

In the case of WLFI, some traders got discouraged after the circulating supply of the token ended up being higher than they expected. Some, who bought the token for 1.5 cents to 5 cents also chose to take profits, said Andrew Tu, head of business development at crypto market maker Efficient Frontier.

Meanwhile, the latest readings on hiring and unemployment claims released Thursday have reinforced the view of a cooling labor market, with employers showing little enthusiasm to take on workers during August. After lowering rates by a full percentage point last fall, Fed policymakers have held them steady this year out of concern that tariffs could reignite price pressures.

“From macro perspective people are derisking a bit ahead of tomorrow’s employment data, which is a big economic data point ahead of Fed meeting later in month,” said Shiliang Tang, managing partner of Monarq Asset Management.

Market bellwether Bitcoin dropped about 2% to around $109,800, toward the lower end of the original cryptocurrency’s recent trading range. It traded at around $69,000 just before election day last year. Bitcoin reached a record of just past $125,000 on Aug. 14.

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