Crypto winter triggers survival‑of‑the‑fittest period for DAT stocks
The post Crypto winter triggers survival‑of‑the‑fittest period for DAT stocks appeared on BitcoinEthereumNews.com.
The crypto market has shoved digital asset treasury stocks into a harsh reality this year, wiping out the excitement that built up under President Trump as Bitcoin went on a monster rally through the first half of 2025. That rally had pushed more than 180 public companies into holding tokens on their balance sheets, and around 100 of them copied the same debt-fueled strategy invented by Michael Saylor in 2020. That play worked when prices were rising. Then bitcoin cracked in October, and the whole sector flipped into survival mode. Now many treasury firms are stuck with unrealized losses, sliding stocks, and a market that wants to see who actually has a real business and who was just riding momentum. DAT stocks fall as bitcoin and ether drop Bitcoin’s October liquidation hit Strategy first. The stock has fallen about 40% since Oct. 10. But the imitators took even bigger damage. KindlyMD (NAKA) is down 39%. Eric Trump’s American Bitcoin (ABTC) has dropped 60%. Anthony Pompliano’s ProCap Financial (BRR) has fallen 65%. Ether-heavy treasury firms got dragged down too. Bitmine Immersion Technologies (BMNR), chaired by Tom Lee, is down more than 33% as ether fell more than 25% in the same stretch. SharpLink Gaming (SBET) and Bit Digital (BTBT) have each lost about 40% over two months. The main metric investors are watching is mNAV, which compares a company’s market cap with the crypto it holds. An mNAV below 1 tells the market that traders value the company at less than the tokens on its books. Strategy’s mNAV moved close to 1x in late November, triggering worry that the firm could be pushed into selling bitcoin to cover dividends and debt. The company responded with a $1.44 billion cash reserve to keep those payouts going for 21 months if volatility stays…
