Record high crypto prices in 2025 fueled a wave of digital asset treasury (“DAT”) companies announcing SPAC mergers, but a major crypto sell-off has turned that enthusiasm into a rout, and DATs that once traded at a premium to NAV now trade at a discount.

Last year, the SPAC market sought to capitalize on the fact that holding $1 of Bitcoin could translate to roughly $2 of market value, a trade pioneered by Michael Saylor’s Strategy Inc. (MSTR). As a result, 10 SPACs announced plans to list newly formed DATs. In a move reminiscent of the 2021 bull market, stocks spiked when deals were merely announced, despite a history of underperformance from crypto de-SPACs. Two of the ten have…