- Digital asset treasury companies (DATs), which invest in Bitcoin and Ethereum, are facing significant stock declines following recent crypto price drops.
- Notable Bitcoin-focused DATs, including Strategy and Metaplanet, have seen losses of approximately 50% and 80%, respectively.
- Ethereum-focused DATs like SharpLink and BMNR have experienced declines reaching 70% and 34% from their peak values.
- Some DATs have resorted to selling portions of their crypto holdings to support business operations.
- Public token sales and NFT market updates highlight ongoing activity amid market downturns.
Digital asset treasury companies (DATs) centered on holding Bitcoin and Ethereum are suffering major stock value losses amid recent cryptocurrency price drops. The downturn has affected several public DATs known for their digital asset-based business models.
Bitcoin-focused DATs have seen severe declines. Strategy, a company closely tied to Michael Saylor’s approach, has dropped over 50% from its peak price of $455 to about $200. Similarly, Metaplanet shares have fallen nearly 80%. Ethereum-focused treasuries are in worse shape, with SharpLink (trading as SBET) down about 70% from local highs and BMNR, backed by Tom Lee, losing roughly 34%.
The value trends of major crypto assets provide context: Bitcoin is off about 20% from its all-time-high (ATH) in 2025, while Ethereum has dropped around 36% from its ATH. Correspondingly, various DATs are experiencing sharper declines in their market values relative to these cryptocurrencies.
Some DATs have taken action to manage their positions. ETHZilla reportedly sold $40 million (approximately 10%) of its Ethereum treasury to fund a share buyback. Sequans sold about 970 Bitcoin, nearly 30% of its holdings, to reduce convertible debt. This selling activity raises concerns about others potentially following suit.
Experts note the pressure on DATs trading below the value of their crypto assets, which could force further asset sales to cover costs. However, companies with strong balance sheets and focused strategies appear to be sustaining better than those with riskier portfolios.
Additionally, Monad launched its public token sale on Coinbase Token Sales, offering 7.5% of its token supply at a $2.5 billion fully diluted valuation. In the NFT market, top collections showed mixed performance with most in decline. The CryptoPunk floor price briefly fell below $100,000 during the weekend, down over 50% in five weeks. Other collections like Chromie Squiggles and Mocaverse recorded gains.
Further details on market activity and protocols continue to emerge as the crypto space navigates current volatility.
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