The landscape for publicly traded companies holding significant amounts of cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) – known as the Digital Asset Treasury (DAT) sector – is facing increasing pressure despite Bitcoin’s recent rally to new highs in August.
Recent data from IntoTheBlock revealed that Bitcoin-heavy treasuries are experiencing sharper declines in stacked market capitalization compared to their ETH and SOL counterparts. This trend is significant as it indicates a struggle for these companies to keep pace with the underlying assets they hold.
The New York Digital Investment Group (NYDIG) has raised concerns about shrinking premiums in the DAT sector. Premiums, which represent the gap between a company’s stock price and its net asset value (NAV), are shrinking for companies with aggressive Bitcoin accumulation strategies like MicroStrategy (MSTR) and Japan’s Metaplanet. This compression of premiums is driven by investor anxiety over forthcoming supply unlocks, changing corporate objectives, share issuance, investor profit-taking, and limited differentiation across treasury strategies.
Despite Bitcoin reaching a new all-time high in mid-August, the compression of DAT premiums persists. Greg Cipolaro, NYDIG’s Global Head of Research, emphasized that using DAT premiums as cycle indicators remains inconclusive due to the limited sample size.
MicroStrategy, a prominent player in the DAT sector, has seen a slowdown in Bitcoin acquisitions. In August, MicroStrategy added just 3,700 BTC compared to 134,000 BTC in November 2024. This decline in purchases is attributed to liquidity strains and increased caution among companies.
However, Bitcoin treasuries still hold significant weight, with corporate holdings peaking at 840,000 BTC in 2025. MicroStrategy alone accounts for 76% of that stash, with 637,000 BTC. The sector is poised for expansion, with companies like HashKey Group announcing a $500 million DAT fund to build a diversified portfolio of Bitcoin and Ethereum projects under favorable regulations.
The evolving nature of DATs is evident, with some companies doubling down on their cryptocurrency holdings while others face challenges. Germany’s sell-off of BTC in mid-2024, just before prices doubled past $100,000, serves as a cautionary tale of the risks of divesting too early. As the DAT sector continues to evolve, companies are positioning themselves to ride the next wave of Bitcoin’s cycle. Are you tired of constantly feeling stressed and overwhelmed by the demands of everyday life? Do you find yourself struggling to find a sense of balance and peace in your day-to-day routine? If so, you are not alone. In today’s fast-paced world, many people are experiencing high levels of stress and anxiety, leading to a myriad of physical and mental health issues. However, there are ways to combat these feelings and create a more harmonious and balanced life.
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